Bernama (29/12/2020) - KUALA LUMPUR, Dec 29 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed marginally higher today in anticipation of lower output and stock, a dealer said.
Palm oil trader David Ng said the monsoon season towards the end of the year had caused slower production which helped to push CPO prices on an upward momentum.
“We locate support at RM3,450 and resistance at RM3,620 per tonne,” he told Bernama.
At the close, the CPO futures contract for January 2021 rose RM1 to RM3,835 per tonne, February 2021 was RM8 higher at RM3,719 per tonne, March 2021 increased RM7 to RM3,550 per tonne, and April 2021 added RM7 to RM3,416 per tonne.
Total volume dipped to 28,882 lots from 38,962 lots on Monday, while open interest narrowed to 192,072 contracts from 201,468 contracts previously.
The physical CPO price for January South increased RM10 to RM3,850 per tonne.
Read more at https://www.bernama.com/en/market/news.php?id=1916865