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By Zufazlin Baharuddin
KUALA LUMPUR, Nov 24 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to end higher today, taking cue from overnight gains in Chicago Board of Trade soybean oil.
Palm oil trader David Ng said its gains were, however, capped by the sentiment of recovery in production.
Yesterday the Malaysian Palm Oil Association reported that CPO production for Nov 1-20 increased 0.35 per cent compared to the first 20 days of last month.
“We locate support at RM4,750 and resistance at RM5,050,” he told Bernama.
At the close, the CPO futures contract for December 2021 climbed RM55 to RM5,344 a tonne, January 2022 advanced RM50 to RM109 a tonne, February 2022 gained RM64 to RM4,916 a tonne, and March 2022 surged RM78 to RM4,747 a tonne.
Meanwhile, April 2022 increased RM81 to RM4,587 per tonne and May 2022 improved RM93 to RM4,460.
Total volume rose to 59,712 lots from 57,022 lots on Tuesday while open interest went up to 256,337 contracts from 252,815 contracts previously.
The physical CPO price for December South increased by RM30 to RM5,380 a tonne.
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