KUALA LUMPUR (Feb 19): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to close higher, backed by stronger soya bean oil prices on the US Chicago Board of Trade.
Palm oil trader David Ng told Bernama that the trading price was expected to find support at RM3,500 per tonne and resistance at RM3,700 per tonne.
Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said CPO futures remained attractive as market players expected the Feb 1-20 exports to rise between 11% and 20%.
“The cargo surveyors will publish the data tomorrow while CPO futures will re-open to trade on Monday,” he said.
At the close, the CPO futures contract for March 2021 increased RM32 to RM3,914 per tonne, April 2021 surged RM41 to RM3,712 per tonne, May 2021 added RM33 to RM3,522 per tonne, and June 2021 picked up RM38 to RM3,380 per tonne.
Total volume strengthened to 71,001 lots from 65,346 lots on Thursday, while open interest rose to 256,112 contracts from 247,806 contracts previously.
The physical CPO price for February South was flat at RM3,930 per tonne.