KUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Tuesday due to expectation of weaker production in the coming weeks, a trader said.
Palm oil trader David Ng said the prospects of weaker production and stronger demand had led to an overall expectation of a lower stock level.
‘Indonesia’s stronger exports and reduced stock levels further boosted market sentiment.
‘We see prices well supported above RM4,350 a tonne and resistance at RM4,480 a tonne,’ he told Bernama.
At today’s close, the spot month November 2024 contract gained RM84 to RM4,450 per tonne, December 2024 climbed RM89 to RM4,411, and January 2025 added RM87 to RM4,386.
The February 2025 note rose by RM86 to RM4,345 per tonne, March 2025 surged by RM77 to RM4,299, and April 2025 added RM71 to RM4,250.
Trading volume increased to 75,113 lots from 54,971 on Monday, while open interest decreased to 254,456 contracts from 255,657 previously.
The physical CPO price for October South was higher at RM4,490 p
er tonne.
Source: BERNAMA News Agency
