CPO Futures Rally On Expectations Of Weaker Output, Lower Stockpiles
24/10/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rallied to above RM4,600 per tonne for the January 2025 benchmark contract, boosted by positive sentiment amid expectations of weaker output and lower stock levels, said a trader.
Palm oil trader David Ng highlighted the forecast of lower stockpiles in both Malaysia and Indonesia.
"We see support at RM4,500 and resistance at RM4,680," he told Bernama.
At today's close, the spot month November 2024 contract rose RM125 to RM4,688 per tonne, December 2024 gained RM122 to RM4,636 per tonne, and January 2025 added RM117 to RM4,603 per tonne.
February 2025 increased by RM109 to RM4,552 per tonne, March 2025 climbed RM102 to RM4,494 per tonne, and April 2025 rose by RM93 to RM4,430 per tonne.
Trading volume fell to 98,788 lots from 102,234 lots on
Wednesday while open interest increased to 259,382 contracts from 257,024 previously.
The physical CPO price for October South was higher at RM4,690 per tonne.
-- BERNAMA