CPO futures end higher on Oct 26, benchmark month hits RM5,012 per tonne
KUALA LUMPUR (Oct 26): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday, as concerns over weaker output continued to lift sentiment in the near term.
Palm oil trader David Ng said lower output would put a pressure on the overall stock level in the country.
“We locate support at RM4,800 a tonne and resistance at RM5,200 a tonne,” he told Bernama.
The January 2021 benchmark palm oil contract gained RM43 to close at RM5,012 a tonne.
At the close, the CPO futures contract for November 2021 increased RM56 to RM5,244 a tonne and December 2021 rose RM58 to RM5,146 a tonne.
Meanwhile, February 2022, March 2022, and April 2022 added RM35 each to RM4,897 a tonne, RM4,781 a tonne, and RM4,656 a tonne, respectively.
Total volume rose to 57,366 lots from 46,478 lots on Monday while open interest widened to 248,038 contracts from 237,389 contracts previously.
The physical CPO price for November South was RM100 higher at RM5,280 a tonne.
http://www.theedgemarkets.com/article/cpo-futures-end-higher-oct-26-2021-benchmark-month-hits-rm5012-tonne
