Palm oil rallies one ton above RM3,900, the highest since March 2008

[caption id="attachment_6833" align="aligncenter" width="689"] File Photo[/caption] The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives has surpassed RM3,900, with the Malaysian Palm Oil Board (MPOB) reporting lower-than-expected share holdings in the country in the 13 years since March 3, 2008. The all-time high price for CPO futures was RM4,330, registered in March 2008. Palm oil trader David Ng said the market expects a higher stockpile figure but the official report came out below expectation which resulted in positive sentiment in the market. "We locate support at RM3,950 a ton and resistance at RM4,050 a ton,” he told Bernama. At the close, the CPO futures contract for March 2021 gained RM47 to RM4,122 per ton and April 2021 rose by RM76 to RM4,104 per ton, while May 2021 added RM59 to RM3,974 per ton and June 2021 increased by RM60 to RM3,839. Total volume increased to 72, 284 lots from 64,155 yesterday while open interest improved to 263, 274 contracts from 252,486 contracts previously. The physical CPO price for March South increased RM30 to RM4,100 per ton. Source: Online/SZK