CPO Futures End Higher Amid Soybean Oil Price Surge
08/08/2024 (Bernama), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday due to increased soybean oil prices, said palm oil trader David Ng.
However, Ng noted that gains were limited by concerns over rising output in the coming weeks.
"We see support at RM3,600 and resistance at RM3,880 a tonne," he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the market ended higher today following a strong recovery in the soy oil and rapeseed oil markets overnight on Wednesday.
He added that a bullish rebound in Chinese vegetable oil futures during Asian trading hours, along with a strong recovery in energy markets and a slightly weaker ringgit, also supported the market prices.
At the close, the spot month August 2024, September 2024, October 2024, and January 2025 contracts rose by RM7 to RM3,807 a tonne, RM3,770 a tonne, RM3,704 a tonne, and RM3,686 a tonne, respectively.
The November 2024 contract increased by RM9 to RM3,682 a tonne, while the December 2024 contract advanced by RMII to RM3,680 a tonne.
Total volume decreased to 76,438 lots from Wednesday's 90,040 lots, while open interest declined to 222,812 contracts from 224,872 contracts previously.
The physical CPO price for August South decreased by RM20 to RM3,860 per tonne.
-- BERNAMA