MARKET DEVELOPMENT
CPO futures end higher on April 4, in sync with soybean oil performance
CPO futures end higher on April 4, in sync with soybean oil performance
04.04.2022 (www.theedgemarkets.com) - KUALA LUMPUR (April 4): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher, tracking gains in the Chicago Board of Trade soybean oil prices, said a dealer.
Palm oil trader David Ng said the gains were however, limited by the prospect of rising production in the coming weeks.
“We are entering a seasonally higher production period — from April until September — so it is expected that production will keep rising,” he told Bernama.
At the close on Monday (April 4), the CPO futures contract for April 2022 rose RM4 to RM6,367 a tonne, May 2022 increased RM118 to RM6,074 a tonne, June 2022 surged RM126 to RM5,692 a tonne, July 2022 added RM93 to RM5,453 a tonne, August 2022 climbed RM66 to RM5,342 a tonne, and September 2022 perked RM79 to RM5,308 a tonne.
Total volume decreased to 42,732 lots from Friday’s close of 73,258 lots, while open interest expanded to 231,423 contracts from 193,769 contracts previously.
The physical CPO price for April South was RM50 higher at RM6,450 a tonne.