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By Karina Imran and Zufazlin Baharuddin
KUALA LUMPUR, April 22 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the third consecutive day.
Palm oil trader David Ng said CPO rallied above RM3,900 per tonne on the back of strong gains in the overnight Chicago soybean oil market.
"We locate support at RM3,950 per tonne and resistance at RM4,080 per tonne," he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said anticipation of lower production and stronger exports had boosted CPO prices.
“Futures locked in the third successive day of hefty gains driven by palm sector fundamentals of exports and slump in CPO production in April 2021,” he said.
The Malaysian Palm Oil Board reported that CPO price hit RM4,306.50 per tonne on April 21, surpassing the all-time previous peak of RM4,270 per tonne recorded on April 9, 2021.
At the close, CPO futures contract for May 2021 gained RM79 to RM4,420 per tonne, June 2021 rose by RM91 to RM4,189 per tonne, July 2021 strengthened RM95 to RM3,989 per tonne and August 2021 was up by RM89 to RM3,836 per tonne.
Total volume decreased to 52,867 lots from 70,193 lots on Wednesday, while open interest fell to 259,261 contracts from 272,538 contracts previously.
The physical CPO price for May South improved by RM80 to RM4,440 per tonne.