By Danni Haizal Danial Donald and Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, July 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Tuesday due to expectation of stronger exports in the coming weeks, said a dealer.
Palm oil trader David Ng said higher soybean oil prices also lifted sentiments in the market.
“We see support at RM3,850 a tonne and resistance at RM4,000 a tonne,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said cargo surveyor Intertek Testing Services estimated Malaysian palm oil exports rising by 31.42 per cent to 1.24 million tonnes for the July 1-25 period, from 944,009 tonnes in the same period in June.
According to reports, cargo surveyor Societe Generale de Surveillance (SGS) estimated exports of Malaysian palm oil products for July 1-25 at 1.19 million tonnes from 908,517 tonnes during June 1-25.
At the close, spot month August 2024 contract rose by RM19 to RM4,040 a tonne, September 2024 gained by RM11 to RM3,955 a tonne and October 2024 was RM7 up to RM3,915 a tonne.
The November 2024 contract climbed by RM7 to RM3,896 a tonne, December 2024 improved by RM7 to RM3,888 a tonne and January 2025 rose by RM6 to RM3,893 a tonne.
Total volume increased to 74,613 lots from Monday’s 73,579 lots, while open interest decreased to 220,720 contracts from 223,486 contracts previously.
The physical CPO price for August South rose RM20 to RM4,070 from per tonne.
-- BERNAMA
