By Zufazlin Baharuddin

KUALA LUMPUR, Nov 10 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today as market sentiment remains bullish in anticipation of lower stockpile in the country.
Palm oil trader David Ng said the fresh leads from the Malaysian Palm Oil Board (MPOB) report today continued to support the price in the near term.
MPOB revealed that the CPO stocks reduced 20.8 per cent to 737,822 tonnes in October 2020 from the 931,628 tonnes in September.
“The stock levels are the lowest in three years. Hence, we locate the next support level at RM3,140 per tonne and resistance at RM3,300 per tonne,” he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the positive news regarding a COVID-19 vaccine and ringgit depreciation also supported the market today.
US drug maker Pfizer and German biotech firm BioNTech announced on Monday their COVID-19 vaccine candidate is more than 90 per cent effective against the novel coronavirus.
“CPO futures was lifted by positive story on vaccine breakthrough offering hope for resumption of some kind of normality,” he said.
At 6pm, the local currency stood at 4.1180/1230 versus the greenback compared with Monday's close of 4.1080/1130.
At the close, the CPO futures contract for November 2020 and December 2020 increased RM4 to RM3,444 per tonne and RM3,406 per tonne, respectively.
Meanwhile January 2021 added RM29 to RM3,256 per tonne while February 2021 perked up RM38 to RM3,170 per tonne.
Total volume rose to 58,736 lots from 45,336 lots on Monday, while open interest inched up to 265,454 contracts from 251,418 previously.
The physical CPO price for November South was down RM10 to RM3,450 per tonne.
-- BERNAMA

https://www.bernama.com/en/market/news.php?id=1899630
Sumber : Bernama