KUALA LUMPUR, Oct 20 -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from yesterday's losses to close higher today, lifted by stronger export figures by cargo surveyors and some bargain buying.
According to reports, cargo surveyor Intertek Testing Services said Malaysia's palm oil products export rose four per cent to 1.08 million tonnes for the Oct 1-20 period compared with 1.03 million tonnes during Sept 1-20.

Similarly, news agency Reuters cited data from AmSpec Agri Malaysia which said exports of Malaysian palm oil products for Oct 1-20 rose 4.3 per cent to 1.08 million tonnes from 1.04 million tonnes shipped during the same period in September.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said palm fundamentals of thin stocks amidst a weak production will be supportive of prices in the fourth quarter of 2020.
“The next key data to watch out is October production estimates from the Malaysian Palm Oil Association and Southern Peninsula Palm Oil Millers' Association,” he told Bernama.
Meanwhile, palm oil trader David Ng said support for the CPO price was at RM2,790 a tonne and resistance at RM2,900 a tonne.
At the close, the CPO futures contract for November 2020 increased RM92 to RM2,980 per tonne, December 2020 rose RM87 to RM2,910 per tonne, January 2021 was RM84 higher at RM2,858 per tonne and February 2021 was up RM82 at RM2,817 per tonne.
Total volume declined to 59,811 lots from 66,952 lots on Monday, while open interest dropped to 254,362 contracts from 261,116 contracts.
Meanwhile, the physical CPO price climbed RM70 to RM3,000 per tonne for November South.
-- BERNAMA

https://www.bernama.com/en/market/news.php?id=1892029
Sumber : Bernama