KUALA LUMPUR (Oct 6): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives extended its rally for the sixth consecutive day, tracking soybean oil's better performance on the Chicago Board of Trade.
Palm oil trader David Ng said that CPO prices were also buoyed by stronger crude oil prices.
"We located the support level at RM3,400 a tonne and resistance at RM4,000 a tonne," he told Bernama.
Oil prices rose on Thursday with Brent crude trading at a three-week high after the Organisation of Petroleum Exporting Countries and allies (OPEC+) agreed to further tighten global crude supply with a deal to slash production by about two million barrels per day from next month — the largest reduction since 2020.
Another dealer said the market anticipated demand to increase further in the coming weeks as buyers were expected to stock up supplies on concerns that wet weather would hit production
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa, citing the Peninsula Palm Oil Millers' Association data, said that production for Oct 1-5 fell by 1.33% against Sept 1-5, while while fresh fruit bunches for the period declined 2.96% on a month-on-month comparison.
At the close, contracts for October 2022 and November 2022 rose RM57 each to RM3,589 per tonne and RM3,661 per tonne, respectively, December 2022 added RM58 to RM3,700 per tonne, and January 2023 went up RM17 to RM3,683 per tonne.
February 2023 improved RM53 to RM3,774 per tonne and March 2023 gained RM62 to RM3,812 per tonne.
Total volume slipped to 52,593 lots from 60,388 on Wednesday while open interest narrowed to 252,477 contracts from 259,824 previously.
Physical CPO price for October South rose RM60 to RM3,620 per tonne.
- US stocks extend gains in early trading; Lyft to debut
- US stocks bounce back from wobbly start to extend gains
- Markets Right Now: Stocks extend gains on Wall Street
- US stocks extend gains in afternoon trading; Lyft debuts
- US stocks solidly higher, extend gains from strong quarter
- 'Basil the Ghost' becomes sixth man convicted over £25m Hatton Garden
- Amazon's 'collaborative' robots offer peek into the future
- 'They'll kill me if they find me' - escaped slave reveals deadly cost of cheap flowers this Mother's Day
- Why the debate around Australia Day gets more heated every year
- Ciara gained 60lbs from pigging out on 'fries, mac and cheese'
- Red Sox will carry 13 pitchers if Dustin Pedroia’s not ready by Opening Day
- Markets up; Heineken's non-alcoholic star; Oil gains on OPEC news
- Dow set to gain 200 points Friday
- Future’s ‘The Wizrd’ Is a Fitting End to A Seven-Year, Seven-Album Journey
- Future Changed Rap for a Generation. He Doesn’t Know How to Feel About It
- Opinion: Afghan women are celebrating International Women's Day with a fearful eye to the future
- Nikkei edges lower as exporters weak; but financials gain on U.S....
- FIFA extends ban of Afghanistan Football Federation president
- Dow set to gain 300 points Friday
- Fellsmere extends biosolids moratorium to curb Indian River Lagoon algal blooms
CPO futures extend gains for sixth day have 474 words, post on www.theedgemarkets.com at October 7, 2022. This is cached page on Business News. If you want remove this page, please contact us.