MARKET DEVELOPMENT
CPO futures end higher on concerns over weaker output
CPO futures end higher on concerns over weaker output
23.12.2021 (www.theedgemarkets.com) - KUALA LUMPUR (Dec 23): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday amid lingering concerns over weaker output in the coming weeks, a dealer said.
Palm oil trader David Ng said gains were also supported by stronger soybean oil performance on the Chicago Board of Trade (CBOT).
“We locate support at RM4,350 per tonne and resistance at RM4,700 per tonne,” he told Bernama.
At the close, CPO futures contract for January 2022 increased RM31 to RM4,962 a tonne, February 2022 gained RM34 to RM4,697 a tonne, March 2022 improved RM30 to RM4,478 a tonne, April 2022 added RM33 to RM4,317 a tonne, May 2022 climbed RM28 to RM4,196 a tonne, and June 2022 was higher by RM15 to RM4,111 a tonne.
Total volume went up to 46,145 lots from 42,887 lots on Wednesday, while open interest widened to 253,415 contracts from 250,087 contracts previously.
The physical CPO price for January South was RM30 higher at RM4,980 a tonne from RM4,950 a tonne on Wednesday.