KUALA LUMPUR, Sept 8 —The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, tracking the stronger overnight Chicago bean oil market performance due to increased demand from China on fears of rain and floods, said palm oil trader David Ng.
It was reported that Chicago bean oil rose to the highest since June 2018.
Ng said the firmer Chicago bean oil market also spurred buying interest in the local palm oil market, given China’s low palm oil stocks at the moment.
“We locate support at RM2,800 per tonne and resistance at RM2,950 per tonne,” he told Bernama.
At the close, September 2020 advanced RM48 to RM2,948 per tonne, October 2020 increased RM68 to RM2,920 per tonne, November 2020 strengthened RM67 to RM2,871 per tonne, and December 2020 rose RM66 to RM2,838 per tonne.
Total volume narrowed to 45,946 lots compared with yesterday’s 58,228 lots, while open interest fell to 230,315 contracts from 240,496 contracts previously.
The CPO physical price was RM30 higher at RM2,950 per tonne for September South. — Bernama