The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued to end higher on Friday, tracking the strength in the soybean oil market, said palm oil trader David Ng.
‘We see support at RM3,700 a tonne and resistance at RM3,850 a tonne,’ he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures ended higher due to a recovery in the soybean oil, rapeseed oil, and energy markets overnight, as well as a bullish recovery in Chinese vegetable oil futures in Asian hours.
‘The steady buying by India has further helped the palm oil market,’ he said.
At the close, the spot month August 2024 contract rose by RM24 to RM3,831 a tonne, September 2024 increased RM33 to RM3,803 a tonne, and October 2024 gained RM42 to RM3,746 a tonne.
The November 2024 contract climbed RM41 to RM3,723 a tonne, December 2024 increased RM37 to RM3,717 a tonne, and January 2025 advanced RM40 to RM3,726 a tonne.
Total volume decreased to 58,890 from Thursday’s 76,
438 lots, while open interest widened to 278,122 contracts from 222,812 contracts.
The physical CPO price for August South increased by RM40 to RM3,900 per tonne.
Source: BERNAMA News Agency
