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By Karina Imran
KUALA LUMPUR, April 15 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward moment to end sharply higher today, tracking overnight gains in the US Chicago Board of Trade (CBOT), coupled with stronger crude oil prices.
The overnight CBOT soybean futures jumped 1.5 per cent, following strength in soyoil contracts and recovery in the crude oil market.
"We locate support at RM3,600 per tonne and resistance at RM3,850 per tonne," palm oil trader David Ng told Bernama.
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said higher exports from April 1-15, strong finish in related vegetable oil - soybean oil on Dalian and CBOT supported higher palm futures from the opening to all the way to close.
"Mid-month April export rose 15.4 per cent. Malaysia maintained the CPO export tax at eight per cent for May but the duty payable rises by US$8 from higher reference price," he said.
At the close, CPO futures contract for April 2021 increased by RM30 to RM4,230 per tonne, May 2021 added RM71 to RM4,103 per tonne, June 2021 improved by RM81 to RM3,811 per tonne, and July 2021 was up RM79 to RM3,592 per tonne.
Total volume, however, fell to 48,652 lots from 62,070 lots on Wednesday, while open interest was down to 251,289 contracts from 263,860 contracts previously.
The physical CPO price for April South rose RM20 to RM4,220 per tonne.