MARKET DEVELOPMENT
CPO futures end marginally higher
CPO futures end marginally higher
08.01.2022 (www.theedgemarkets.com) - KUALA LUMPUR (Jan 7): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended marginally higher today on the strength in the soybean oil market as well as expectations of weak output.
However, the commodity’s recent rally may curb further demand which may add pressure on prices, said palm oil trader David Ng.
“We locate support at RM4,750 a tonne and resistance at RM5,100 a tonne,” he told Bernama.
The CPO futures contract for January 2022 declined RM57 to RM5,330 a tonne while February 2022 fell RM62 to RM5,226 a tonne.
March 2022 rose RM8 to RM4,993 a tonne, April 2022 was up RM17 to RM4,798 a tonne, May 2022 gained RM22 to RM4,639 tonne and June 2022 added RM22 to RM4,512 a tonne.
Total volume decreased to 45,240 lots from 53,408 lots on Thursday while open interest narrowed to 252,640 contracts from 261,596 contracts previously.
The physical CPO price for January South was RM40 easier at RM5,380 a tonne from RM5,420 a tonne on Thursday.