CPO futures end higher tracking CBOT soybean oil gains
26.08.2021 (www.theedgemarkets.com) - KUALA LUMPUR (Aug 25): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to end higher today, taking cue from overnight gains in Chicago Board of Trade (CBOT) soybean oil and ongoing concerns over lower-than-expected output, a dealer said.
Palm oil trader David Ng said Bursa Malaysia’s CPO, however, saw its gains capped by the anticipation of weaker exports, which continued to put pressure on prices.
“We locate support at RM4,200 and resistance at RM4,450,” he told Bernama.
Cargo surveyors are scheduled to release Aug 1-25 export data later in the day with the market expecting shipments to drop around 12 per cent, according to traders.Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said CPO futures on Bursa Malaysia were traded up to RM4,388 for a six-day high on the most active contract on the back of solid gains in soybean oil on the CBOT spurred by higher energy prices.