CPO Futures Rebound To Close Higher Tracking Bullish CBOT Soybean Oil
By Zufazlin Baharuddin
KUALA LUMPUR, Oct 16 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rebounded to close higher on Wednesday, tracking gains in the Chicago Board of Trade’s soybean oil futures overnight.
Palm oil trader David Ng said better export prospects and a weaker production outlook also lifted sentiment for the golden crop.
“Export estimates point to an increase in export pace this month, while production surveys indicate weaker production output, which may lower the overall stock level in the country.
“Hence, this is seen as price-supportive for CPO futures,” he told Bernama.
Therefore, Ng foresees the support level at RM4,280 per tonne and resistance at RM4,450 per tonne.
At the close today, the spot month November 2024 gained RM60 to RM4,372 per tonne, December 2024 appreciated RM63 to RM4,335 per tonne and January 2025 increased RM72 to RM4,311 per tonne.
Meanwhile, February 2025, March 2025 and April rose RM71 each to RM4,278 per tonne, RM4,240 per tonne and RM4,200 per tonne respectively.
Trading volume increased to 118,488 lots from 95,406 yesterday, while open interest picked up to 250,999 contracts from 248,273 previously.
The physical CPO price for October South inched up RM30 to RM4,430 per tonne.
-- BERNAMA