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By Anas Abu Hassan
KUALA LUMPUR, Sept 13 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Monday, supported by increasing buying interest due to the recent drop in CPO price.
Palm oil trader David Ng said the market had also reacted to India's move to lower its base import tax on CPO from 10 per cent to 2.5 per cent.
It was reported that India -- the world's biggest vegetable oil buyer -- has cut its base import taxes on palm oil, soybean oil and sunflower oil on Friday in a bid to boost consumption of the edible oils.
"In the meantime, gains in the crude oil market also helped to lift the CPO futures price higher. We locate support at RM4,200 and resistance at RM4,450," he told Bernama.
At the close, the CPO futures contract for September 2021 and October 2021 rose by RM43 each to RM4,617 and RM4,456 a tonne, respectively, while November 2021 added RM40 to RM4,318 a tonne and December 2021 improved by RM37 to RM4,221 a tonne.
January 2022 was RM33 higher at RM4,142, and February 2022 grew by RM35 to RM4,066 a tonne.
Total volume eased to 46,002 lots from 64,703 lots last Friday, while open interest decreased to 240,467 contracts from 254,743 contracts previously.
The physical CPO price for September South increased by RM30 to RM4,630 a tonne from RM4,600 a tonne on Friday.
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