The Edge Markets (16/08/2021) - KUALA LUMPUR (Aug 16): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher due to concerns over weak production in coming weeks, palm oil trader David Ng said.

He said stronger soybean oil prices also continue to lift sentiment higher today.

“However, weaker export performance may cap further upside in the near term. 

"We locate support level at RM4,350 per tonne and resistance level at RM4,580 per tonne,” he told Bernama.

At the close, the CPO futures contract for the new spot month September 2021 gained RM53 to RM4,663 per tonne. 

Meanwhile, October 2021 rose RM53 to RM4,564 per tonne, November 2021 added RM49 to RM4,447 per tonne, December 2021 improved RM50 to RM4,359 per tonne, January 2022 rose RM53 to RM4,286 per tonne and February 2022 was RM60 higher to RM4,210 per tonne.

Total volume widened to 60,983 lots from last Friday’s 51,650 lots, while open interest increased to 260,484 contracts from 244,987 contracts previously.

The physical CPO price for August South went up RM60 to RM4,730 per tonne.

Read more at https://www.theedgemarkets.com/article/concerns-over-weak-production-coming-weeks-push-cpo-futures-end-higher