By Siti Noor Afera Abu

KUALA LUMPUR, May 15 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed yesterday’s losses to close higher today on the stronger soybean oil market during Asian hours. 

However, palm oil trader David Ng said the upside is capped by the sluggish export pace. 

“We see that the price is well supported above RM3,800 a tonne but faces resistance at RM3,950 a tonne,” he told Bernama. 

According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for May 1-15 fell 5.2 per cent to 600,777 tonnes from 633,680 tonnes shipped during April 1-15. 

At the close, the spot month contract for May 2024 was up by RM1 to RM3,801 a tonne, while June 2024 improved by RM35 to RM3,872 a tonne, and July 2024 increased by RM46 to RM3,861 a tonne. 

August 2024 was RM42 firmer to RM3,855 a tonne, September 2024 rose RM41 to RM3,856 a tonne and October 2024 added by RM38 to RM3,862 a tonne.

Total volume increased to 82,423 lots from Tuesday’s 71,698, while open interest widened to 289,995 contracts from 216,654 previously.

The physical CPO price for May South was unchanged at RM3,900 per tonne.

-- BERNAMA