CPO Futures End Higher Due To Recent East Coast Flood
28/11/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its rally for the fourth day to end higher on Thursday due to concerns about the recent east coast flood, a dealer said.
Palm oil dealer David Ng said the flood may impact overall oil palm production in the country.
"We see price supported at RM4,850 and resistance at RM5,000," he told Bernama.
At the close, the spot month December 2024 contract surged by RM132 to RM5,060 per tonne, January 2025 rose by RM95 to RM4,965, and February 2025 climbed by RM87 to RM4,885.
The March 2025 contract advanced by RM85 to RM4,793 per tonne, April 2025 improved by RM77 to RM4,691, and May 2025 increased by RM62 to RM4,584.
Trading volume increased to 80,733 lots from 81,832 on Wednesday, while open interest shrank to 226,776 contracts from 230,207 previously.
The physical CPO price for December South increased by RM100 to RM5,100 per tonne.
-- BERNAMA