KUALA LUMPUR, Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed earlier gains due to stronger performance in the soybean oil market during Asian trading hours, said palm oil trader David Ng.
He noted that a rebound in the crude oil market also contributed to the price rise.
‘We see support at RM3,880 per tonne and resistance at RM4,000,’ he told Bernama.
Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said CPO futures rebounded after two consecutive days of losses, defying the lower close in related vegetable oils on the Dalian Commodity Exchange and Zhengzhou Commodity Exchange.
‘Prices may consolidate and hold ahead of the Malaysian Palm Oil Association’s production estimates and the Malaysian Palm Oil Board’s official data,’ he told Bernama.
The analyst added that optimism over strong September exports may also support higher prices.
According to Intertek Testing Services (ITS), Malaysia’s palm oil exports from Sept 1-5 rose by 9.2 per cent to 214,410 tonnes aga
inst 196,350 tonnes in the same period in August.
At the close, the spot month contracts for September 2024 and October 2024 increased by RM29 to RM4,021 per tonne and RM3,953 per tonne, respectively.
The November 2024, December 2024, and January 2025 contracts rose by RM31, reaching RM3,917 per tonne, RM3,891 per tonne, and RM3,877 per tonne, respectively. February 2025 contract edged up RM26 to RM3,871 per tonne.
Total volume slipped to 54,096 lots from Wednesday’s close of 71,159, while open interest was slightly higher at 232,124 contracts compared with 229,654 previously.
The physical CPO price for September South was RM20 higher at RM4,050 per tonne.
Source: BERNAMA News Agency
