By Abdul Hamid A Rahman
KUALA LUMPUR, Aug 14 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today, buoyed by the rise in soybean oil prices on the Chicago Board of Trade (CBOT) which enhanced local market sentiment, said palm oil trader David Ng.
Ng said that while CPO futures prices initially experienced losses in early trading, they eventually ended on a positive note.
“This rebound can be attributed to recent lower price levels that have sparked buying interest, underpinned by expectations of sustained demand in the future,” he told Bernama.
As such, Ng said that he is observing the support level to be at RM3,650 and expects the resistance level to be around RM3,850.
At the close, the spot month August 2024 contract gained RM50 to RM3,890 a tonne, September 2024 rose by RM58 to RM3,818 a tonne, and October 2024 was RM33 higher to RM3,723 a tonne.
November 2024 increased by RM19 to RM3,681 a tonne, December 2024 gained RM9 to RM3,666 a tonne, and January 2025 edged up by RM1 to RM3,666 a tonne.
Total volume rose to 80,359 lots from 55,188 lots on Tuesday while open interest expanded to 224,541 contracts from 222,205 contracts previously.
The physical CPO price for August South remained unchanged at RM3,900 per tonne.
-- BERNAMA
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