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MARKET • 20/09/2024 08:38 PM

CPO Futures Close Higher On Stronger Soybean Futures

KUALA LUMPUR, Sept 20 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives continued its upward trend to end higher for the third consecutive trading day, driven by stronger soybean oil futures on the Chicago Board of Trade, a trader said.

Palm oil trader David Ng said the higher palm oil export estimates also lifted market sentiment.

“We see support at RM3,880 and resistance at RM4,050,” he told Bernama.

At the close, the spot month October 2024’s contract was RM79 higher at RM4,027, November 2024 gained RM70 to RM3,974, and the benchmark December 2024 rose RM71 to RM3,947 per tonne.

The January 2025 contract advanced by RM70 to RM3,925, February 2025 rose RM74 to RM3,907, and March 2025 added RM75 to RM3,885.

The volume declined to 59,369 lots from 148,413 on Thursday, while open interest fell to 254,752 contracts from 262,270 previously.

The physical CPO price for October South added RM50 to RM4,070 per tonne.

-- BERNAMA

 

 

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