KUALA LUMPUR, July 19 — Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today amid the weakness in the Chicago bean oil market, said palm oil trader David Ng. However, he said comments by leading palm oil analysts, who mentioned prices may face further downsides in view of high stockpile levels in Malaysia and Indonesia, could weigh pressure on CPO prices. "We locate price support at RM3,700 and resistance at RM4,100 a tonne,” he told Bernama.

At the close, CPO futures contracts for spot month August 2022 recovered RM355 to RM3,887.00 per tonne, September 2022 increased RM351 to RM3,919.00 per tonne, October 2022 rose RM325 to RM3,945.00 per tonne and November 2022 gained RM310 to RM3,990.00 per tonne. Total volume rose to 84,331 lots today from 80,074 lots on Monday, while open interest increased to 283,064 contracts from 279,568 contracts previously.

The physical CPO price for July South dropped RM50 to RM3,950 a tonne from yesterday’s RM4,000 a tonne. — Bernama