CPO FUTURES SNAP THREE-DAY LOSING STREAK TO CLOSE HIGHER ON INDIA RESTOCKING ACTIVITY

KUALA LUMPUR, Dec 12 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped a three-day losing streak to end higher on Thursday, supported by restocking activity of the commodity in India.

Palm oil trader David Ng said traders are replenishing their stocks on top of worries about production levels due to floods and bad weather, sustaining the positive sentiment in the market. “We see support at RM4,750 per tonne and resistance at RM5,030 per tonne,” he told Bernama.

The optimism is further supported by a positive export reading where cargo surveyor Intertek Testing Services reported recently that exports of Malaysian palm oil products for the Dec 1-10 period rose 3.9 per cent.

At the close, the spot month December 2024 contract gained RM47 to RM5,160 per tonne, January 2025 rose RM47 to RM5,001 and February 2025 added RM65 to RM4,921.

The March 2025 contract advanced RM89 to RM4,826 per tonne, April 2025 improved RM92 to RM4,697and May 2025 gained RM82 to RM4,570 per tonne.

Trading volume fell to 119,534 lots from 120,030 lots yesterday, while open interest rose to 238,860 contracts from 238,514 contracts previously.

The physical CPO price for December South increased by RM10 to RM5,260 per tonne.

-- BERNAMA