MARKET DEVELOPMENT
CPO futures end lower, tracking Chicago Board of Trade
CPO futures end lower, tracking Chicago Board of Trade
12.11.2021 (www.theedgemarkets.com) - KUALA LUMPUR (Nov 11): Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower on Thursday, tracking the weak performance of the Chicago Board of Trade (CBOT) soybean oil market, said palm oil trader David Ng.
However, he said the losses were limited by stronger exports data released on Wednesday.
Cargo surveyor AmSpec Malaysia reported that exports of Malaysian palm oil products for Nov 1-10, 2021, surged 8.71% to 543,944 tonnes from 500,381 tonnes shipped during the same period last month.
“We locate support at RM4,750 per tonne and resistance at RM5,050 per tonne,” he told Bernama.
At the close, the CPO futures contract for November 2021 was down by RM38 to RM5,360 a tonne and December 2021 decreased by RM54 to RM5,121 a tonne.
Meanwhile, January 2022 lost RM39 to RM4,881 a tonne, February 2022 declined RM35 to RM4,690 a tonne, March 2022 eased RM32 to RM4,518 a tonne, and April 2022 narrowed by RM27 to RM4,375 a tonne.
Total volume rose to 88,171 lots from 74,545 lots on Wednesday, while open interest added 289,433 contracts from 271,484 contracts previously.
The physical CPO price for November South remained unchanged at RM5,380 a tonne.