CPO futures rally to breach RM4,200, highest level in two months

KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied above RM4,200 a tonne for October benchmark contract, the highest level in two months.

Palm oil trader David Ng said buying in CPO futures was sparked by concerns over weaker output in the coming weeks.

"Traders also expect stronger exports data which is due on Monday next week. It would help to push the CPO prices higher,” he told Bernama.

Ng located the support at RM4,150 per tonne and resistance at RM4,350 per tonne.

At the close, the CPO futures contract for August 2021 rose RM110 to RM4,542 a tonne, September 2021 gained RM160 to RM4,417 a tonne, October 2021 climbed RM150 to RM4,271 a tonne, November 2021 added RM132 to RM4,154 a tonne, and December 2021 increased RM114 to RM4,070 a tonne.

Total volume expanded to 63,393 lots from 53,816 lots on Thursday, while open interest advanced to 251,008 contracts from 238,390 contracts previously.

The physical CPO price for August South increased RM110 to RM4,560 a tonne.

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