Palm oil prices climb to highest in over 10 years

KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied to its highest in more than 10 years on strong market sentiment and tracking the uptrend in the soybean market.

Palm oil trader David Ng said strong sentiment in the crude oil market coupled with the surge in the Chicago soybean oil market led to gains in the palm oil market.

"We locate support at RM3,800 a tonne and resistance at RM3,950 a tonne,” he told Bernama.

At the close, the CPO futures contract for March 2021 and April 2021 gained RM123.0 each to RM4,070 per tonne and RM4,012 per tonne respectively, while May 2021 and June 2021 both added RM137.0 to RM3,878 per tonne and RM3,731 per tonne respectively.

Total volume increased to 79,298 lots from 63,827 last Friday while open interest rose to 269,357 contracts from 251,949 contracts previously.

The physical CPO price for March South jumped RM100 to RM4,060 per tonne.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Palm oil , CPO , futures , Bursa Derivatives


Next In Business News

CPO futures to see volatile trading next week, eyes on MPOB data
Pfizer, BioNTech seek US emergency nod for COVID-19 vaccine in adolescents
Eyes on next generation as Singapore succession is thrown into question
Oil price falls, ends week about 2% lower on supply increase, new lockdowns
BlackRock, Mustier's blank-check firm eye Credit Suisse fund management arm
GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data
Mah Sing: Extend HOC until year-end
Kerjaya Prospek wins RM154mil construction job
MCMC expects DNB to open 5G tender soon
Ramsay Sime Darby Health Care acquires Manipal Hospitals

Stories You'll Enjoy