KUALA LUMPUR (June 1): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the second consecutive day on Wednesday as sentiment over stronger exports continues to lift the market, said a dealer.

Palm oil trader David Ng said the expected weaker production in the coming weeks also helped to lift prices.

“We locate support at RM6,000 a tonne and resistance at RM6,600 a tonne,” he said.

At the close, the CPO futures contract for spot month June 2022 rose RM39 to RM6,646 a tonne, July 2022 increased by RM42 to RM6,606 a tonne, August 2022 gained RM52 to RM6,356 a tonne, September 2022 was up by RM41 to RM6,173 a tonne, October 2022 improved RM32 to RM6,068 a tonne and November 2022 added RM26 to RM6,020 a tonne.

Total volume decreased to 54,079 lots from Tuesday’s close of 66,860 lots, while open interest was down to 259,711 contracts from 273,749 contracts previously.

The physical CPO price for June South inched down RM50 to RM6,750 a tonne.

Source : The Edge Markets