09.07.2021 (www.theedgemarkets.com) - KUALA LUMPUR (July 9): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) ended the week higher, rebounding from three straight days of losses, tracking the steadier performance on the soybean oil market and crude oil prices, said palm oil trader David Ng.

He said higher prices in both those markets help to lift prices in BMD’s CPO.

“Today’s support level was seen at RM3,800 per tonne while resistance level at RM3,920 per tonne,” he told Bernama.

Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said there was bargain hunting in related edible oil such as canola prices on the Intercontinental Exchange (ICE), palm olein and soybean oil on the Dalian Exchange, after three straight days of fall propelled CPO futures to trade to a one-month high and breaching RM4,000 to RM4,020 per tonne.

“The positive factors culminated to tip trading into bullish sentiments,” he said.

At the close, the CPO futures contract for July 2021 rose RM100 to RM4,020 per tonne, August 2021 increased RM101 to RM3,940 per tonne, September 2021 bagged RM123 to RM3,892 per tonne and October 2021 improved RM114 to RM3,812 per tonne.

Total volume strengthened to 58,929 lots from 49,781 lots on Thursday, while open interest perked to 247,219 contracts from 235,495 contracts previously.   

The physical CPO price for July South gained RM50 to RM4,050 per tonne from yesterday’s RM4,000 per tonne.

https://www.theedgemarkets.com/article/cpo-futures-end-week-higher