CPO futures end higher on bargain hunting

CPO futures end higher on bargain hunting

KUALA LUMPUR (March 25): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from Thursday’s loss to end the week higher due to bargain hunting activities, a dealer said.

Palm oil trader David Ng said the CPO ended higher as recent price weakness attracted buying activities from investors.

“We locate support at RM5,750 and resistance at RM6,200,” he told Bernama.

At the close on Friday, the CPO futures contract for April 2022 rose RM102 to RM6,616 a tonne, May 2022 added RM103 to RM6,299 a tonne and June 2022 was RM84 higher at RM6,027 a tonne.

July 2022 advanced by RM80 to RM5,858 a tonne, August 2022 increased RM81 to RM5,745 a tonne and September 2022 strengthened by RM108 to RM5,698 a tonne.

Total volume decreased to 53,615 lots from yesterday’s close of 67,988 lots while open interest narrowed to 240,695 contracts from 257,988 contracts previously.

The physical CPO price for April South was unchanged at RM6,700 a tonne.

http://www.theedgemarkets.com/article/cpo-futures-end-higher-bargain-hunting