CPO futures end at almost two-month high, tracking soybean oil market
18/01/2024 (The Edge Malaysia), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed at a nearly two-month high at above RM3,800 on Thursday.
Palm oil trader David Ng said the stronger soybean oil and crude oil prices helped to boost sentiments.
“Hence, we see support at RM3,750 per tonne and resistance at RM3,950 per tonne,” he said to Bernama.
Meanwhile, independent inspection company, AmSpec Agri Malaysia projected that exports of Malaysian palm oil products for Jan 1-15 to be down 2.6% to 604,474 tonnes from a month earlier.
At the close, new spot month February 2024 contract gained RM77 to RM3,929 a tonne, March 2024 rose RM83 to RM3,914 a tonne, April 2024 added RM86 to RM3,895 a tonne, May 2024 increased RM83 to RM3,849 a tonne, June 2024 went up RM73 to RM3,783 a tonne, and July 2024 was RM68 firmer at RM3,716 a tonne.
Total volume declined to 63,364 lots from 80,248 on Wednesday and open interest slid to 262,492 contracts from 282,168 contracts previously.
The physical CPO price for January South rose by RM60 to RM3,940 per tonne.