The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, mainly driven by the prospect of lower production in the coming weeks.
Palm oil trader David Ng said the lower CPO stockpile continued to drive prices higher which may sustain over the medium term.
“We locate the next support level at RM3,100 per tonne, while resistance is at RM3,250 per tonne,” he told Bernama.

Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market is also taking a fresh lead ahead of the Malaysian Palm Oil Board (MPOB) report which will be released tomorrow.
“Actual MPOB report is due tomorrow where focus will be on the extent of the fall in stocks,” he said.
At the close, the CPO futures contract for November 2020 increased RM35 to RM3,440 per tonne, December 2020 edged RM50 to RM3,402, January 2021 added RM46 to RM3,277 while February 2021 perked up RM37 to RM3,132 per tonne.
Total volume decreased to 45,336 lots from 71,229 lots last Friday, while open interest fell to 251,418 contracts from 275,289 previously.
The physical CPO price for November South rose RM10 to RM3,460 per tonne.

https://www.bernama.com/en/market/news.php?id=1899231
Sumber: Bernama