KUALA LUMPUR, March 4 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its rally to a third consecutive session on bargain buying activities after the recent dips in prices.
Palm oil trader David Ng said the CPO futures contract also ended higher on the back of stronger crude oil prices which lifted market sentiment in the near term.
“We locate support at RM2,450 per tonne and resistance at RM2,600 per tonne,” he told Bernama.
Meanwhile another trader said CPO was traded firm on better demand from the Middle East and Africa market as buyers stocked up on palm oil supplies ahead of the Muslim holy month of Ramadan.
At the close, the CPO futures contracts for March 2020 added RM96 each to RM2,501 per tonne, April 2020 firmed RM122 to RM2,505 per tonne, May 2020 gained RM188 to RM2,495 per tonne and June 2020 rose RM127 to RM2,504 per tonne.
Volume leaped to 71,132 lots from Tuesday's 57,885 lots, while open interest perked to 310,941 contracts from 298,917 contracts previously.
On the physical market, March South increased RM80 to RM2,510 per tonne.
TAGS: CPO, CPO futures, David Ng, Ramadan