The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday partly due to the notable strength in exports, which contributed positively to the overall market sentiment, said palm oil trader David Ng.
The market also benefited from an increase in soybean oil prices, which rose due to various global market conditions, he said.
‘We see support at RM3,900 and resistance at RM4,000,’ Ng told Bernama.
At the close, the spot month August 2024 contract surged RM28 to RM4,013 a tonne, September 2024 rose RM22 to RM3,981 a tonne, and October 2024 climbed RM24 to RM3,961.
November 2024 gained RM25 to RM3,949 a tonne, while December 2024 climbed RM24 to RM3,949 a tonne and January 2025 increased RM22 to RM3,956 a tonne.
Total volume dropped to 34,462 lots from Thursday’s 58,517 lots while open interest decreased to 216,920 contracts from 221,883 contracts previously.
The physical CPO price for July South was RM10 higher at RM4,050 per tonne.
Source: BERNAMA News Agency
