16/12/2021 (https://www.theedgemarkets.com) - KUALA LUMPUR (Dec 16): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped three days of losses to end higher on Thursday, taking the cue from overnight gains in Chicago Board of Trade soybean oil. Palm oil trader David Ng said the recent weakness in prices provided an opportunity for buyers to enter the market in support of prices in the near term. Hence, he located support at RM4,250 per tonne and resistance at RM4,550 per tonne. Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa opined that CPO futures rebounded from three days of losses, spurred by bargain-buying and lower output. At the close, the CPO futures contract for January 2022 advanced RM90 to RM4,890 tonne, February 2022 gained RM145 to RM4,630 a tonne, March 2022 surged RM147 to RM4,409 a tonne, and April 2022 increased RM140 to RM4,243 per tonne. Meanwhile, May 2022 improved RM124 to RM4,112 a tonne and June 2022 climbed RM144 to RM4,042 a tonne. Total volume went down to 78,598 lots from 114,314 lots on Wednesday while open interest declined to 276,731 contracts from 306,058 contracts previously. The physical CPO price for December South was up by RM50 to RM4,950 a tonne from RM4,900 a tonne on Wednesday.