MARKET DEVELOPMENT
CPO futures end lower on weaker CBOT performance
CPO futures end lower on weaker CBOT performance
30.11.2021 (www.theedgemarkets.com) - KUALA LUMPUR (Nov 30): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Tuesday, tracking weakness in the soybean oil market on the Chicago Board of Trade (CBOT).
"The decline in crude oil price also dragged the CPO futures market lower, palm oil trader David Ng said.
At press time, the benchmark Brent crude slipped 3.8% to US$70.78 per barrel.
Ng located support at RM4,600 per tonne and resistance at RM4,950 per tonne.
At the close, the CPO futures contract for December 2021 declined RM94 to RM5,188 a tonne, January 2022 fell RM143 to RM4,933 a tonne, February 2022 slipped RM185 to RM4,672 a tonne and March 2022 lost RM204 to RM4,459 a tonne.
Meanwhile, April 2022 eased RM211 to RM4,281 per tonne and May 2022 shrank RM219 to RM4,133 a tonne.
Total volume surged to 96,392 lots from 65,042 lots on Monday while open interest increased to 286,462 contracts from 253,156 contracts previously.
The physical CPO price for December South fell RM100 to RM5,250 a tonne.