Palm oil futures rally above RM4,500 – highest in two months
KUALA LUMPUR (Bernama) — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied above RM4,500 per tonne for October benchmark contract — the highest in two months, on lower July palm oil stocks.
Palm oil trader David Ng said the Malaysian Palm Oil Board’s (MPOB) data reported lower-than-expected stock levels as well as weaker-than-expected production.
“Low stock levels continue to drive prices higher amid a tight supply situation. We locate support level at RM4,350 per tonne and resistance level at RM4,580 per tonne,” he told Bernama.