02/10/2024 (Bernama), Kuala Lumpur – Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher on Wednesday due to the escalation of tension in the Middle East, said a dealer.

Palm oil trader David Ng said the situation had caused the oil prices to spike, which spilled over into palm oil market.

“We see support at RM4,100 a tonne and resistance at RM4,280 a tonne,” he told Bernama.

At the close, the spot month October 2024 contract rose RM139 to RM4,305 per tonne, November 2024 surged RM191 to RM4,246 a tonne, while the benchmark December 2024 climbed RM190 to RM4,196 per tonne.

The January 2025 contract increased RM177 to RM4,140 per tonne, February 2025 contracts added RM155 to RM4,083 a tonne, while March 2025 was up by RM134 to RM4,028 per tonne.

The volume jumped to 119,000 lots from Tuesday’s 63,557, while open interest increased to 262,414 contracts from 257,623 previously.

The physical CPO price for October South was higher by RM120 at RM4,320 per tonne.

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