Crude palm oil futures in Malaysia end higher on Friday on concerns over weaker output

KUALA LUMPUR (Jan 27): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Friday (Jan 27) amid expectation of a weaker output, coupled with stronger soybean oil and crude oil prices, said a dealer. Palm oil trader David Ng said a weaker output may lower overall excess stock in the country. “We locate support at RM3,700 and resistance at RM4,100 per tonne,” he told Bernama. Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures ended higher on Friday in continuation of bargain buying, the narrowing down of palm oil discount over competing oils and the priced-in bearish factors. “The uptick came following a recovery in Chicago Board of Trade (CBOT) soybean oil futures overnight and in crude oil prices,” he said. At the time of writing, the benchmark Brent crude oil price was up 1.20% to US$88.52 per barrel. Anilkumar said Malaysia has kept its palm oil export tax unchanged at 8% for February from January, while ...