CPO Futures Close Higher, Tracking Soybean Oil Prices On CBOT
19/11/2024 (Bernama), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday, tracking stronger soybean oil prices on the Chicago Board of Trade (CBOT), said Palm oil dealer David Ng.
He said further price increases or gains in CPO futures were capped by seasonally slower export demand.
"We see support at RM4,800 and resistance at RM5,000," Ng told Bernama.
At the close, the new spot month December 2024 contract gained RM45 to RM5,016 a tonne, the January 2025 contract rose by RM34 to RM4,961, and the February 2025 contract grew by RM25 to RM4,924.
The March 2025 contract added RM26 to RM4,837 a tonne, April 2025 gained RM31 to RM4,734 and May 2025 increased by RM41 to RM4,620.
Trading volume shrunk to 96,083 lots from 102,222 on Monday, while open interest decreased to 252,020 contracts from 253,787 previously.
The physical CPO price for December South remained unchanged at RM5,080 per tonne.
-- BERNAMA