By Zarul Effendi Razali & Kisho Kumari Sucedaram
KUALA LUMPUR, Sept 14 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to close higher today due to renewed buying interest after lower prices last week, a dealer said.
Palm oil trader David Ng said CPO prices were also tracking gains in the Chicago bean oil market coupled with the expectation of stronger exports in the coming weeks.
“We locate support at RM2,850 per tonne and resistance at RM2,950 per tonne,” he told Bernama today.
At the close, September 2020 increased RM32 to RM2,942 per tonne, October 2020 improved RM64 to RM2,923 per tonne, November 2020 jumped RM82 to RM2,892 per tonne and December 2020 climbed RM88 to RM2,864 per tonne.
Total volume increased to 57,812 lots compared with Friday's 40,472 lots, while open interest widened to 252,290 contracts from 233,229 contracts previously.
On the physical market, September South rose RM60 to RM2,950 per tonne.
Malaysian National News Agency
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