MARKET DEVELOPMENT
CPO futures rebound to end higher on March 16
CPO futures rebound to end higher on March 16
16.03.2022 (www.theedgemarkets.com) - KUALA LUMPUR (March 16): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from Tuesday’s losses to end higher on Wednesday (March 16), driven by positive development on the global commodities market.
Palm oil trader David Ng told Bernama that the CPO futures ended higher, tracking gains in the Chicago bean oil market as well as the prospect of better exports in the coming weeks.
“We locate support at RM5,800 a tonne and resistance at RM6,300 a tonne,” he said.
Meanwhile, another dealer said crude oil prices rose early on Wednesday, bouncing back after earlier falling more than US$1 per barrel, as Russia’s invasion of Ukraine continues to dominate volatile trading with ceasefire talks the latest market trigger.
At the close on Wednesday, the CPO futures contract for April 2022 rose RM210 to RM6,900 a tonne, while May 2022 added RM203 to RM6,335 a tonne, and June 2022 increased RM259 to RM6,064 a tonne.
July 2022 advanced RM278 to RM5,912 a tonne, August 2022 were RM281 higher at RM5,800 a tonne, and September 2022 gained RM276 to RM5,717 a tonne.
Total volume decreased to 57,876 lots from Tuesday’s close of 71,349 lots, while open interest narrowed to 246,846 contracts from 260,404 contracts previously.
The physical CPO price for March South rose by RM50 to RM7,100 a tonne. https://www.theedgemarkets.com/article/cpo-futures-rebound-end-higher-march-16-2022