23/06/2023 (The Sun Daily), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed three days of losses to end higher on Friday, tracking strength in the Chicago Board of Trade (CBOT) soybean oil market, a dealer said.

Palm oil trader David Ng said the weaker-than-expected production pace is also seen as a supporting factor for the local market.

“We see support at RM3,500 and resistance at RM3,850,” he told Bernama.

According to the Malaysian Palm Oil Association (MPOA), palm oil production declined by 3.64 per cent during the June 1-20 period.

At the close, July 2023 grew by RM62 to RM3,644 per tonne, August 2023 added RM61 to RM3,629 per tonne, September 2023 improved RM58 to RM3,620 per tonne, October 2023 and November 2023 put on RM52 to RM3,618 per tonne and RMRM3,630 per tonne respectively, and December 2023 earned RM43 to RM3,644 per tonne.

However, the total volume was marginally lower at 48,311 lots from 48,318 lots on Thursday, while open interest declined to 180,428 contracts from 225,949 previously.

The physical CPO price for July South gained RM30 to RM3,680 per tonne.-Bernama

https://www.thesundaily.my/local/cpo-futures-snap-three-days-of-losses-to-close-firmer-HF11144322