By Zufazlin Baharuddin
KUALA LUMPUR, July 30 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today, as expectations of gains from exports sustained positive sentiment in the market.
Palm oil trader David Ng said the expected restocking by major markets such as China and India in the coming weeks sent prices higher today.
“We locate support at RM2,580 per tonne and resistance at RM2,750 per tonne,” he told Bernama.
Cargo surveyor Intertek Testing Services recently reported that Malaysia's palm oil exports in the July 1-25 period increased 4.61 per cent to 1.45 million tonnes from 1.39 million tonnes in the same period in June 2020.
Similarly, cargo surveyor Amspec Malaysia stated that exports in the June 1-25 period rose 1.6 per cent to 1.42 million tonnes from 1.4 million tonnes in the same period in June 2020.
At the close, August 2020 rose RM42 to RM2,780 per tonne, September 2020 gained RM30 to RM2,725 per tonne, October 2020 expanded RM32 to RM2,677 per tonne, and November 2020 improved RM21 to RM2,640 per tonne.
Total volume surged to 43,388 lots from Wednesday's 38,890 lots, while open interest fell to 225,229 contracts from 225,804 contracts previously.
On the physical market, August South rose RM20 to RM2,780 per tonne.
The market will be closed tomorrow for the Aidiladha celebration and will resume trading on Monday, Aug 3.
Malaysia National News Agency
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