MARKET DEVELOPMENT
CPO futures close higher on expectation of stronger exports
CPO futures close higher on expectation of stronger exports
23.04.2022 (www.theedgemarkets.com) - KUALA LUMPUR (April 22): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended firmer on Friday, continuing its uptrend as the expectation of stronger exports going forward helped to lift sentiment, a dealer said.
The low vegetable oil stocks are also spurring demand in the palm oil market, according to palm oil trader David Ng.
Palm Oil Analytics owner and co-founder Sathia Varqa said the market attracted renewed buying interest towards the close after trending downhill for much of the day.
At the close, the CPO futures contract for May 2022 perked up RM63 to RM6,871 a tonne, June 2022 gained RM78 to RM6,625, July 2022 rose RM42 to RM6,355 and August 2022 climbed RM36 to RM6,162 a tonne.
September 2022 increased RM47 to RM6,045 a tonne and October 2022 added RM60 to RM5,966 a tonne.
Total volume added to 64,156 lots from Thursday’s close of 53,426 lots while open interest registered at 203,392 contracts from 250,624 contracts previously.
The physical CPO price for April South advanced RM80 to RM6,900 a tonne.
https://www.theedgemarkets.com/article/cpo-futures-close-higher-expectation-stronger-exports