KUALA LUMPUR, Sept 27 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher, tracking the strength in the Chicago Board of Trade (CBOT) soybean oil market, a dealer said.
Palm oil trader David Ng said CPO prices were also influenced by higher crude oil prices, which would continue to support sentiment in the short term.
“Hence, we locate support for CPO price at RM3,700 per tonne and resistance at RM3,870,” he told Bernama.
At 8.47 pm, Brent crude oil increased by 1.55 per cent to US$95.42 per barrel, the US West Texas Intermediate (WTI) crude gained 1.97 per cent to US$92.26 per barrel.
At the close, the October 2023 contract was RM60 better at RM3,678 per tonne, November 2023 increased RM75 to RM3,731 and December 2023 rose RM79 to RM3,771.
January 2024 gained RM76 to RM3,803 per tonne, February 2024 improved RM71 to RM3,832 and March 2024 added RM70 to RM3,850.
Total volume widened to 81,364 lots from 63,604 yesterday while open interest expanded to 297,049 contracts from 279,049 yesterday.
The physical CPO price for October South added RM30 to RM3,750 per tonne. — Bernama
