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CPO futures end higher amid rising demand

14/09/2021 07:24 PM

By Anas Abu Hassan

KUALA LUMPUR, Sept 14 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today amid rising demand from top buying countries, a dealer said. 

Palm oil trader David Ng said CPO futures price was climbing on prospect of better exports of the commodity to key buying countries in the upcoming weeks ahead of festival seasons. 

"Their stocks are seen to be low at the moment while demand has improved. We locate support at RM4,280 and resistance at RM4,400," he told Bernama. 

At the close, the CPO futures contract for September 2021 and October 2021 rose by RM14 each to RM4,631 and RM4,470 a tonne, respectively, while November 2021 added RM22 to RM4,340 a tonne and December 2021 improved by RM14 to RM4,235 a tonne. 

January 2022 was RM5 higher at RM4,147, and February 2022 grew by RM6 to RM4,072 a tonne. 

Total volume increased to 50,325 lots from 46,002 lots on Monday, while open interest edged up to 244,619 contracts from 240,467 contracts previously.      

The physical CPO price for September South remained unchanged at RM4,630 a tonne. 


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