CPO FUTURES SNAP THREE-DAY LOSING STREAK TO CLOSE HIGHER ON INDIA RESTOCKING ACTIVITY
12/12/2024 (Bernama), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped a three-day losing streak to end higher on Thursday, sipported by restoking activity of the commodity in India.
Palm oil trader David Ng said traders are replenishing their stocks on top of worries about production levels due to floods and bad weather, sustaining the positive sentiment in the market. “We see support at RM4,750 per tonne and resistance at RM5,030 per tonne,” he told Bernama
The optimism is further supported by a positive export reading where cargo Intertek Testing Services reported recently that exports of Malaysian palm oil products for the Dec 1-10 period rose 3.9 percent.
At the close, the spot month December 2024 contract gained RM47 to RM5,160 per tonne, January 2025 rose by RM47 to RM5,001 and February 2025 added by RM65 to RM4,921 per tonne.
The March 2025 contract advanced RM89 to RM 4,826 per tonne, April 2025 improved RM92 to RM4,697 and May 2025 gained RM82 to RM4,57 per tonne.
Trading volume jumped to 119,534 lots from 120,030 lots yesterday while open interest rose to 238,860 contracts 238,514.
The physical CPO price for December South increased by RM10 to RM5,260 per tonne.