MARKET DEVELOPMENT
CPO futures close lower
CPO futures close lower
05.05.2022 (www.theedgemarkets.com) - KUALA LUMPUR (May 5): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Thursday — the first trading day after a long holiday break — tracking the weakness in the Chicago soybean oil market, a dealer said.
Palm oil trader David Ng said expectation that Indonesia would soon lift its palm oil export ban also put pressure on local CPO prices.
"Hence, we locate support at RM6,500 per tonne and resistance at RM6,900 per tonne," he told Bernama.
At the close, the CPO futures contract for May 2022 decreased RM301 to RM7,382 a tonne, June 2022 fell RM371 to RM7,226 a tonne, July 2022 went down RM352 to RM6,752 a tonne, and August 2022 was RM339 lower at RM6,415 a tonne.
September 2022 reduced RM301 to RM6,218 a tonne and October 2022 dropped RM272 to RM6,119 a tonne.
Total volume fell to 53,218 lots from Friday’s close of 68,778 lots while open interest improved to 255,871 from 206,333 contracts previously.
The physical CPO price for May South eased RM200 to RM7,550 a tonne.