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MARKET • 01/10/2024 09:11 PM

CPO Futures Stage Rebound To End Higher

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 1 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives rebounded from Monday’s loss to close higher today.

Palm oil trader David Ng attributed the rise to stronger soybean prices and expectations of weaker CPO output. “We see support at RM3,900 and resistance at RM4,050,” he told Bernama.

At the close, the spot month October 2024 contract rose RM42 to RM4,166 per tonne, November 2024 gained RM18 to RM4,055 while the benchmark December 2024 added RM11 to RM4,006.

The January 2025 and February 2025 contracts added RM7 each to RM3,963 and RM3,928 per tonne, respectively, while March 2025 was up by RM10 to RM3,894.

The volume increased to 63,557 lots from 56,631 on Monday, while open interest was slightly higher at 257,623 contracts from 256,833 previously.

The physical CPO price for October South increased by RM30 to RM4,200 per tonne.

-- BERNAMA

 


 

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