CPO futures end higher amid stronger export figures
22/04/2024 (The Edge Malaysia), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Monday influenced by stronger Malaysian palm oil export in April, said a dealer.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said market sentiment was also supported by lower palm oil production which could see Malaysian palm oil stocks decrease at the end of April.
“Malaysian palm oil export estimated by Intertek Testing Services (ITS) for April 1-20 was up by 10.18% to 905,515 tonnes from March, while AmSpec Agri Malaysia estimation rose 14.32% to 900,290 tonnes previously,” he told Bernama.
Meanwhile, palm oil trader David Ng said higher market prices owing to the stronger soybean oil prices in the Chicago Board of trade as well as anticipation of a weak output pace in April.
““Hence, we see support at RM3,900 a tonne and resistance at RM4,100 a tonne,” he said.
At the close, spot month May 2024 added RM22 to RM4,078 a tonne, June 2024 gained RM15 to RM3,996 and July 2024 rose RM18 to RM3,944.
August 2024 bagged RM26 to RM3,908 a tonne, September 2024 was better at RM32 to RM3,885 a tonne, while October 2024 increased by RM40 to RM3,882 a tonne.
Total volume decreased to 65,262 lots from Friday’s 97,851 lots, while open interest fell to 254,188 contracts from 263,873 contracts previously.
The physical CPO price for May South slipped by RM30 to RM4,120 a tonne.