By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Sept 19 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended marginally lower for the second consecutive day on Tuesday, said a dealer.
Palm oil trader David Ng said that CPO also recouped some of the losses at the earlier session owing to weather concerns affecting production coupled with stronger crude oil prices, which lifted sentiment.
“We see support at RM3,650 and resistance at RM3,900,” he told Bernama.
At the close, October 2023 contract added RM22 to RM3,700 per tonne, November 2023 increased RM12 to RM3,727 per tonne, while December 2023 remained unchanged at RM3,749 per tonne.
However, January 2024 eased RM4 to RM3,786 per tonne, February 2024 went down RM8 to RM3,822 per tonne, and March 2024 slid RM11 to RM3,850.
Total volume improved to 74,502 lots from 56,351 lots yesterday, while open interest strengthened to 207,847 contracts from 204,411 contracts previously.
The physical CPO price for September South was RM30 higher at RM3,750 per tonne.