Palm oil prices extend upward momentum on output concerns


KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended yesterday’s gains to close higher today on lingering concerns over lower output over the coming weeks, said palm oil trader David Ng.

He said however, the high prices is stifling demand especially for price sensitive importers like India and China.

"We locate support level at RM4,300 and resistance level at RM4,450 per tonne,” he told Bernama.

At the close, the CPO futures contract for August 2021 and September 2021 rose RM59 each to RM4,689 and RM4,615 per tonne, respectively, October 2021 bagged RM39 to RM4,422 per tonne, November 2021 increased RM29 to RM4,273 per tonne, December 2021 added RM30 to RM4,178 per tonne, and January 2022 gained RM90 to RM4,107 per tonne.

Total volume fell to 62,519 lots from 65,384 lots on Monday, while open interest inched up to 256,994 contracts from 256,911 contracts previously.

The physical CPO price for August South rose RM160 to RM4,720 a tonne.

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