KUALA LUMPUR, Aug 15 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded after three days of losses, tracking the bullish momentum of Chicago Board of Trade (CBOT) soybean oil futures and resurgent Chinese vegetable oil futures, a dealer said.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said market sentiment was also lifted by China’s central bank unexpectedly cutting key policy rates for the second time in three months today in a fresh sign of ramping up monetary easing efforts.
Meanwhile, palm oil trader David Ng attributed the market rebound to a weaker ringgit, which spurred prices today.
“We locate support at RM3,600 per tonne and resistance at RM4,000 per tonne,” he told Bernama.
At the close, the August 2023 contract was unchanged at RM3,753 per tonne, September 2023 rose RM89 to RM3,759 per tonne, and October 2023 increased RM94 to RM3,783 per tonne.
November 2023 firmed RM92 to RM3,805 per tonne, December 2023 gained RM81 to RM3,825 per tonne, and January 2024 improved RM67 to RM3,840 per tonne.
Total volume surged to 80,109 lots from Monday’s 40,181, while open interest widened to 269,733 contracts compared with 235,166 contracts yesterday.
The physical CPO price for August South increased RM50 to RM3,800 per tonne. — Bernama
