CPO futures close higher at RM3,518

At the close, the CPO futures contract for December 2020 increased RM37 to RM3,518 per tonne.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from last Friday's losses to end higher today, tracking gains in soybean oil on the Chicago Board of Trade and concerns over tighter supply due to the wet weather, said a dealer.

Palm oil trader David Ng said prices were seen to be supported by the expectation of lower output in the coming weeks which provided a fillip to the market.

"We locate support at RM3,300 and resistance at RM3,420 per tonne,” he told Bernama.

At the close, the CPO futures contract for December 2020 increased RM37 to RM3,518 per tonne, January 2021 rose to RM35 to RM3,393 per tonne, February 2021 was RM42 higher at RM3,326 per tonne and March 2021 climbed RM40 to RM3,260 per tonne.

Total volume increased to 68,048 lots from 58,699 lots on Friday, while open interest slipped to 258,720 contracts from 259,018 contracts previously.

The physical CPO price for December South rose RM10 to RM3,520 per tonne. - Bernama
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Crude palm oil , David Ng , tighter supply


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