KUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a three-day losing streak to end higher on Wednesday as the market expects a resumption of vegetable oil demand from India for the upcoming festive season, said a trader.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the steady recovery in ultra-low sulfur diesel (ULSD) and energy prices also lifted market sentiments.
‘The bullish momentum in soybean oil futures on the Chicago Board of Trade and Chinese vegetable oil futures further fuelled the market,’ he told Bernama.
Palm oil trader David Ng said CPO futures rallied above RM3,800 amid concerns over the expected weaker output. ‘We see support at RM3,780 and resistance at RM3,920,’ he added.
At the close, the spot month October 2024 contract was RM70 higher at RM3,917, November 2024 gained RM105 to RM3,871 and benchmark December 2024 gained RM109 to RM3,845 per tonne.
The January 2025 note advanced by RM106 to RM3,821, February 2025 rose RM105 to
RM3,807 and March 2025 added RM96 to RM3,794.
The volume increased to 82,747 lots from 77,497 lots on Tuesday while open interest dropped to 251,511 contracts from 255,163 previously.
The physical CPO price for October South increased by RM50 to RM4,000 per tonne.
Source: BERNAMA News Agency
