12.03.2021 (www.theedgemarkets.com) - KUALA LUMPUR (March 12): The crude palm oil (CPO) futures contract ended higher on Bursa Malaysia Derivatives, supported by the stronger soybean oil performance on the US Chicago Board of Trade.

Palm oil trader David Ng said the market also received a boost from the low stockpile locally.

"We locate support at RM4,020 and resistance at RM4,200," he told Bernama.

The Malaysian Palm Oil Board reported that the nation’s CPO production fell to a five-year low of 1.1 million tonnes in February.

Meanwhile, palm oil exports fell to 896,000 tonnes in February from 947,000 tonnes in January — the lowest level since 2012 — due to record high prices and resumption of export duties.

At the close, the CPO futures contract for both March 2021 and April 2021 rose RM63 to RM4,283 per tonne and RM4,274 per tonne, respectively, May 2021 added RM65 to RM4,125 per tonne while June 2021 increased RM68 to RM3,988.   

Total volume expanded to 79,712 lots from 65,307 yesterday, while open interest improved to 271,861 contracts from 256,238 contracts previously.         

The physical CPO price for March South jumped RM100 to RM4,300 per tonne.

https://www.theedgemarkets.com/article/cpo-futures-end-higher-backed-strong-soybean-oil-performance