KUALA LUMPUR, Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher for the seventh consecutive day on Thursday, driven by stronger export performance and declining CPO production, a trader said.
Palm oil trader David Ng said the upward trend was also driven by lower palm oil stocks in Indonesia.
‘We see support at RM4,050 and resistance at RM4,180,’ he told Bernama.
At the close, the spot month October 2024 contract surged by RM110 at RM4,235 per tonne, November 2024 increased by RM112 to RM4,189 per tonne, while the benchmark December 2024 improved by RM109 to RM4,152 per tonne.
The January 2025 contract advanced by RM110 to RM4,118 per tonne, February 2025 was RM107 higher to RM4,084 per tonne, and March 2025 gained RM103 to RM4,050 per tonne.
Volume dropped to 84,940 lots from 91,983 on Wednesday, while open interest inched down to 258,553 contracts from 258,665 previously.
The physical CPO price for October South rose by RM150 to RM4,250 per tonne.
Source: BERNAMA New
s Agency