KUALA LUMPUR (Bernama) – The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher yesterday due to improved demand while tracking the firmer overnight performance on the Chicago Board of Trade.
Palm oil trader David Ng said, however, expectations of a stronger output and higher stock level were seen as capping further upside.
Traders will closely monitor the release of the September palm oil data by the Malaysian Palm Oil Board (MPOB) on Thursday.
“We locate support at RM2,100 and resistance at RM2,200 per tonne,” he told Bernama.
At the close, the CPO futures for October 2019 and January 2020 rose RM8 each to RM2,104 and RM2,206 per tonne.
Meanwhile, November 2019 and December 2019 increased RM11 each to RM2,124 and RM2,160 per tonne.
Volume decreased to 24,447 lots from 32,167 lots last Friday while open interest slid to 215,764 contracts from 222,635 contracts previously.