By Zairina Zainudin

KUALA LUMPUR, June 23 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its six-day losing streak to close higher Thursday as bargain hunting emerged.

“CPO ended higher as the recent sharp sell-down attracted buying interest. We locate support level at RM4,500 a tonne and resistance at RM5,100 a tonne,” palm oil trader David Ng told Bernama.

The benchmark contract month ended at a six-month low yesterday pressured by bearish market fundamentals including lower soya bean oil prices, expectations of high supply and weak export figures during June 1-20.

At the close, the CPO futures contract for the spot month of July 2022 rose RM180 to RM4,870 a tonne, August 2022 increased sharply by RM234 to RM4,800 a tonne, the benchmark September 2022 surged RM245 to RM4,744 a tonne and October 2022 advanced RM262 to RM4,731 a tonne.

Total volume decreased marginally to 91,214 lots today from 91,898 lots on Wednesday, while open interest narrowed to 305,650 contracts from 310,218 contracts yesterday. 

The physical CPO price for July South was unchanged at RM5,000 a tonne.

-- BERNAMA