By Siti Noor Afera Abu
KUALA LUMPUR, July 24 -- The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended firmer, extending gains for the third day tracking the surge in rival oils.
The benchmark October 2020 rose RM70 to RM2,778 per tonne -- the highest since Feb 10.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the rise was supported by triple-digit gain in palm olein and double-digit rise in soybean oil on the Dalian Exchange.
Speaking to Bernama, he said the prices were also supported by massive improvement in July 1-25 exports, estimated to be up three to 6.50 per cent compared to negative 10 per cent in the first half of 2020.
“CPO futures locked in one of the best weekly rise, up 116 points or 4.36 per cent from Monday,” he said.
At the close, August 2020 was up RM91 to RM2,890 per tonne, September 2020 rose RM95 to RM2,854 per tonne, October 2020 gained RM70 to RM2,778 per tonne, and November 2020 added RM48 at RM2,713 per tonne.
Total volume decreased to 72,835 lots from 78,897 lots yesterday and open interest shrank to 259,670 contracts from 267,783 contracts previously.
On the physical market, August South increased RM90 to RM2,880 per tonne.
Malaysia National News Agency
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