By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 30 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Wednesday, reaching a 28-month high, said Fastmarket Palm Oil Analytics senior analyst Sathia Varqa.
He said that the surge was propelled by robust performances in related vegetable oils on the Dalian exchange and promising October export results.
“Indicative data showed October exports were up 13 per cent. The weaker ringgit was also supportive,” Sathia told Bernama.
Meanwhile, palm oil trader David Ng noted that CPO futures closed higher due to stronger export demand and rising soybean oil prices.
“We see support at RM4,600 a tonne and resistance at RM4,780 a tonne,” he said.
At the close, the spot month November 2024 contract gained RM63 to RM4,800 per tonne, December 2024 contracts rose to RM56 to RM4,738 per tonne, and January 2025 increased by RM59 to RM4,696 per tonne.
The February 2025 note was up by RM61 to RM4,634 per tonne, March 2025 added RM67 to RM4,560 per tonne, and April 2025 was RM66 higher to RM4,476 per tonne.
Trading volume decreased to 82,918 lots from 89,447 on Tuesday, while open interest declined to 246,955 contracts from 250,424 previously.
The physical CPO price for November South was RM40 higher at RM4,800 per tonne.
Bursa Malaysia and its subsidiaries will be closed on Oct 31, 2024, in conjunction with the Deepavali public holiday, and will resume operations on Nov 1, 2024.
-- BERNAMA
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