KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Thursday as investors took advantage of the lower prices, said palm oil trader, David Ng.
He said the market sentiment was also positively influenced by the robust soybean oil prices.
“We see support at RM3,650 and resistance at RM3,800,” he told Bernama.
At the close, spot month August 2024 contract stood at RM3,890 a tonne, September 2024 surged RM45 to RM3,863 a tonne, and October 2024 rose RM31 to RM3,754.
November 2024 increased RM15 to RM3,696 a tonne, while December 2024 was up by RM12 to RM3,687 a tonne and January 2025 gained RM10 to RM3,676 a tonne.
Total volume dropped to 60,491 lots from Wednesday’s close of 80,359 lots, while open interest increased to 225,038 contracts from 224,541 contracts previously.
The physical CPO price for August South was RM20 higher at RM3,920 per tonne.
Source: BERNAMA News Agency
