MARKET DEVELOPMENT
CPO futures end higher, tracking soybean oil gains on CBOT
CPO futures end higher, tracking soybean oil gains on CBOT
18.04.2022 (www.theedgemarkets.com) - KUALA LUMPUR (April 18): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Monday (April 18), tracking gains in the soybean oil on the Chicago Board of Trade, as well as higher crude oil prices.
Palm oil trader David Ng said tightness in the overall vegetable oil market continues to drive sentiment in the palm oil market higher.
“Hence, we locate support at RM6,300 and resistance at RM6,600,” he told Bernama.
At the close, the CPO futures contract for May 2022 gained RM38 to RM6,564 a tonne, June 2022 added RM58 to RM6,288 a tonne, July 2022 and August 2022 increased RM56 each to RM6,123 a tonne and RM5,973 a tonne respectively.
September 2022 rose RM60 to RM5,856 a tonne, and October 2022 inched up RM39 to RM5,799 a tonne.
Total volume appreciated to 58,055 lots from Friday (April 15)’s close of 36,365 lots, while open interest increased to 249,820 contracts from 231,959 contracts previously.
The physical CPO price for April South rose RM50 to RM6,850 a tonne.
The market will be closed on Tuesday (April 19) in conjunction with the Nuzul Al-Quran holiday and will resume on Wednesday (April 20).