KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Monday, tracking gains in the Chicago soybean oil market and stronger Dalian palm olein prices.
However, Palm oil trader David Ng said the gains were limited by concern over rising output in the coming weeks.
‘We see support at RM3,880 and resistance at RM4,050,’ he told Bernama.
At the close, the spot month August 2024 contract rose RM22 to RM4,035 a tonne, September 2024 climbed RM28 to RM4,009 a tonne, and October 2024 edged up RM24 to RM3,985..
November 2024 widened RM21 to RM3,970 a tonne, while December 2024 gained RM19 to RM3,968 a tonne and January 2025 increased RM20 to RM3,976 a tonne.
Total volume bagged to 49,963 lots from Friday’s 34,462 lots, while open interest expanded to 217,947 contracts from 216,920 contracts previously.
The physical CPO price for July South was RM20 higher at RM4,070 per tonne.
Source: BERNAMA News Agency
