By Danni Haizal Danial Donald
KUALA LUMPUR, Nov 4 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rallied to above RM4,900 per tonne for November and December 2024 contracts, supported by higher crude oil and soybean oil prices, a trader said.
Palm oil trader David Ng said weaker output expectations and lower stock levels also supported market sentiment.
“We see support at RM4,850 and resistance at RM5,000,” he told Bernama.
Meanwhile, Fastmarket Palm Oil Analytics senior analyst Sathia Varqa said CPO futures have notched to another 28-month high, fueled by bullish market sentiments.
“The bullish market sentiments were backed by robust October exports and weaker production with end-month stocks poised to go lower,” he said.
At the close, the spot month November 2024 contract rose RM8 to RM4,984 per tonne, December 2024 surged RM26 to RM4,940 per tonne and January 2025 advanced by RM23 to RM4,891 per tonne.
February 2025 rose by RM25 to RM4,833 per tonne, March 2025 added RM27 to RM4,753 per tonne, and April 2025 was RM21 higher to RM4,658 per tonne.
Trading volume decreased to 70,549 lots from 83,410 on Friday, while open interest declined to 242,438 contracts from 246,507 previously.
The physical CPO price for November South soared RM40 to RM5,020 per tonne.
-- BERNAMA
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