KUALA LUMPUR, March 1 (Bernama) — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed higher today as recent floods in some parts of Johor might disrupt harvesting activity.
Palm oil trader David Ng said the flood situation would result in lower production of crude palm oil.
“We locate support at RM4,000 and resistance at RM4,300,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the bullish momentum in Chicago Board of Trade (CBOT) Soybean oil futures in Asian hours push the CPO future price higher.
At today’s close, March 2023 contract rose RM33 to RM4,146 per tonne, April 2023 jumped RM44 to RM4,173 and May 2023 climbed RM40 to RM4,182.
June 2023 was up RM38 to RM4,165 per tonne, July 2023 increased RM38 to RM4,137 and August was RM38 higher at RM4,096.
Total volume was down to 47,502 lots from 53,704 lots on Tuesday while open interest also decreased to 165,405 contracts from 165,551 contracts previously.
The physical CPO price for March South was up RM30 to RM4,200 per tonne.
Source: BERNAMA News Agency