By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, May 25 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward momentum at the close on Thursday as a weaker ringgit and expectation of lower production continue to lift market sentiment, said palm oil trader David Ng.
“We locate support at RM3,300 a tonne and resistance at RM3,700 a tonne,” he told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said upticks in soybean oil as well as lower-than-expected palm oil production estimates by the Malaysia Palm Oil Association has also provided a fillip to the local CPO market performance today.
At the close, June 2023 contract rose RM38 to RM3,565 a tonne, July 2023 climbed RM76 to RM3,550 a tonne and August 2023 increased RM86 to RM3,493 a tonne.
September 2023 contract garnered RM90 to RM3,482 a tonne, October 2023 jumped RM92 to RM3,486 a tonne and November 2023 surged RM89 to RM3,487 a tonne.
Total volume fell to 67,293 lots from 69,355 lots on Wednesday, while open interest decreased to 264,738 contracts from 267,919 contracts yesterday.
The physical CPO price for June South gained RM30 to RM3,630 a tonne.
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