KUALA LUMPUR, Oct 9 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives settled higher today on positive sentiment, riding on the rising crude oil and soybean oil prices, palm oil trader David Ng said.
He said crude oil prices rose by 3.24 per cent amid the rising tension in the Middle East, lending support to the global vegetable oil market, including palm oil.
“We see support at RM3,500 and resistance at RM3,750 per tonne,” he told Bernama.
At home, the contract for October 2023 rose RM15 to RM3,577 per tonne, November 2023 gained RM2 to RM3,575 per tonne, December 2023 added RM5 to RM3,605 per tonne and January 2024 was RM6 higher at RM3,642 per tonne.
February 2024 increased RM6 to RM3,678 per tonne and March 2024 bagged RM8 to RM3,700 per tonne.
Total volume eased to 44,864 lots from 71,610 lots last Friday while open interest narrowed to 230,599 contracts from 293,575 contracts previously.
The physical CPO price for October South was flat at RM3,600 per tonne. — Bernama
