MARKET DEVELOPMENT
CPO futures end lower, tracking weakness in soybean oil
CPO futures end lower, tracking weakness in soybean oil
10.06.2022 (www.theedgemarkets.com) - KUALA LUMPUR (June 9): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower for the second consecutive day on Thursday in tandem with the weakness in the soybean oil market on the Dalian Commodity Exchange.
Palm oil trader David Ng said the market has also projected a weaker demand prospect going forward with the lifting of Indonesia’s CPO export ban.
“As such, we locate support at RM5,800 a tonne and resistance at RM6,500 a tonne,” he told Bernama.
At the close, the CPO futures contract for spot month June 2022 decreased RM140 to RM6,590 a tonne, July 2022 slipped RM243 to RM6,452 a tonne, August 2022 shed RM249 to RM6,210 a tonne, September 2022 declined RM243 to RM6,058 a tonne, October 2022 slid RM228 to RM5,978 a tonne, and November 2022 fell RM205 to RM5,950 a tonne.
Total volume climbed to 68,899 lots from Wednesday’s close of 60,720 lots while open interest rose to 279,062 contracts from 268,647 contracts previously.
The physical CPO price for June South dipped RM150 at RM6,700 a tonne.