KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today on the back of stronger overnight soybean oil price on the Chicago Board of Trade.
Palm oil trader David Ng said expectation of a higher stockpile in coming weeks may, however, weigh on prices going forward.
"We locate support at RM3,680 and resistance at RM3,800," he told Bernama.
Meanwhile CGS-CIMB Futures said India's palm oil imports were poised to rebound in March after halving last month when a strong price rally made processing unprofitable.
At the close, the CPO futures contract for March 2021 gained RM39 to RM3,939 per tonne, April 2021 rose RM43 to RM3,884 per tonne, May 2021 added RM53 to RM3,731 per tonne, and June 2021 climbed RM43 to RM3,588 per tonne.
Total volume increased to 53,214 lots from 41,644 lots on Wednesday, while open interest perked up to 243,154 contracts from 230,933 contracts previously.
The physical CPO price for March South added RM30 to RM3,940 per tonne. - Bernama