KUALA LUMPUR (Sept 18): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, backed by continued strong demand for the commodity.

Palm oil trader David Ng said CPO price had rallied past RM3,000 per tonne on the back of strong overnight soybean oil performance, as well as expectations of better export demand.

“We locate the next support level at RM2,980 per tonne and resistance at RM3,150 per tonne,” he told Bernama today.

At the close, both October 2020 and January 2021 rose RM98 to RM3,102 per tonne and RM3,045 per tonne, respectively, November 2020 increased RM103 to RM3,100 per tonne and December 2020 added RM107 to RM3,080 per tonne.

Total volume declined to 71,605 compared with Thursday's 82,766 lots, while open interest narrowed to 260,786 contracts from 273,039 contracts previously.

On the physical market, October South increased RM70 to RM3,110 per tonne.