The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today, tracking stronger soya bean oil prices on China's Dalian Commodity Exchange, with expectations of higher export and lower palm oil stock.

Palm oil trader David Ng said CPO price has improved at RM3,000 per tonne, tracking gains in soya bean oil prices on the Chicago market as well as stronger crude oil prices.
“We locate support level at RM2,950 a tonne and resistance at RM3,150 a tonne,” he told Bernama.


Meanwhile, an analyst at CGS-CIMB said shipments from Malaysia increased 5.6 per cent to 1.69 million tons in October from a month earlier.
At the close, the CPO futures contract for November 2020 increased RM88 to RM3,353 per tonne, December 2020 rose RM87 to RM3,240 per tonne, January 2021 surged RM95 to RM3,070 per tonne, and February 2021 was RM78 higher at RM2,980 per tonne.


Total volume increased to 57,075 lots from 47,691 on Monday, while open interest rose to 257,514 contracts from 248,865 previously.
The physical CPO price for November South was higher by RM80 at RM3,360 per tonne

 

https://www.bernama.com/en/market/news.php?id=1896656
Sumber: Bernama