KUALA LUMPUR (Oct 8): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives accelerated to close at an all-time high today, setting fresh record prices for the third time this week.
The benchmark palm oil contract for December 2021 soared RM117 to RM4,966 a tonne.
Palm oil trader David Ng told Bernama that weaker output, as well as prospects of stronger demand, lifted sentiment on the local commodity.
“We locate the next support level at RM4,800 per tonne, while resistance is at RM5,000 per tonne,” he said.
At the close, the CPO futures contract for October 2021 and November 2021 firmed RM116 to RM5,152 a tonne and RM5,085 a tonne, respectively.
January 2022 surged RM119 to RM4,869 a tonne, February 2022 increased RM117 to RM4,770 a tonne, and March 2022 lifted RM116 to RM4,660 a tonne.
Total volume increased to 89,289 lots from 42,743 lots on Thursday while open interest increased to 272,276 contracts from 224,724 contracts previously.
The physical CPO price for October South was RM20 lower at RM5,020 a tonne.