By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 16 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday due to stronger soybean oil performance in the Chicago Board of Trade (CBOT), said palm oil trader David Ng.
He said the rise in CPO futures was further supported by a stronger-than-expected export performance, reflecting an overall improvement in demand and favourable trading conditions for palm oil products.
"We see support at RM3,850 and resistance at RM4,000," he told Bernama.
At the close, the spot month August 2024 contract increased RM45 to RM3,966 a tonne, September 2024 rose RM49 to RM3,944 a tonne, and October 2024 climbed RM51 to RM3,925.
November 2024 surged RM52 to RM3,917 a tonne, December 2024 improved RM53 to RM3,924 a tonne, and January 2025 grew RM49 to RM3,935 a tonne.
Total volume escalated to 55,822 lots from Monday's 50,012, while open interest slid to 220,707 contracts from 223,188 contracts previously.
The physical CPO price for July South was RM40 higher at RM4,040 per tonne.
-- BERNAMA
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