19/05/2022 (The Edge Markets) - The benchmark crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly higher on Wednesday on the expectation of stronger exports in coming weeks owing to the palm oil export ban in Indonesia, said a dealer.

Palm oil trader David Ng said the weaker ringgit is also favouring demand for Malaysia’s palm oil.

“We locate support at RM6,000 and resistance at RM6,400,” he added.

At the close, the CPO futures contract for spot month June 2022 and August 2022 added RM2 to RM6,664 and RM6,116 a tonne, while July 2022 rose RM5 to RM6,345 a tonne, September 2022 went up RM14 to RM6,006 a tonne, October 2022 was RM1 higher to RM5,946 a tonne and November 2022 declined RM12 to RM5,925  a tonne.

Total volume eased to 43,468 lots from Tuesday’s close of 48,805 lots while open interest declined to 245,465 contracts from  248,321 contracts on Tuesday. 

The physical CPO price for May South remained at RM6,750 a tonne.

https://www.theedgemarkets.com/article/cpo-futures-end-higher-3