MARKET DEVELOPMENT
CPO futures end lower
CPO futures end lower
27.05.2022 (www.theedgemarkets.com) - KUALA LUMPUR (May 27): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Friday ahead of a potential announcement by the Indonesian government with regard to palm oil exports.
As of Friday, the top producer has not resumed palm oil exports.
Palm oil trader David Ng said traders were squaring off their positions in light of the uncertainty heading into the weekend.
“We locate support at RM6,200 a tonne and resistance at RM6,800 a tonne,” he told Bernama.
At the close, the CPO futures contract for spot month June 2022 fell RM208 to RM6,879 a tonne, July 2022 was down RM199 to RM6,692 a tonne, August 2022 slipped RM180 to RM6,353 a tonne, and September 2022 slid RM169 to RM6,149 a tonne.
October 2022 was RM163 weaker at RM6,043 a tonne while November 2022 lost RM165 to RM5,999 a tonne.
Total volume increased to 79,050 lots from yesterday’s close of 65,892 lots, while open interest narrowed to 204,474 contracts from 266,461 contracts previously.
The physical CPO price for June South was lower by RM200 at RM6,950 a tonne.