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News Admin
 
Date
 12/10/2021
News Source
 The Edge Markets
Headline
 CPO futures end mostly lower on profit taking

The Edge Markets (11/10/2021) - KUALA LUMPUR (Oct 11): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly lower on Monday, amid profit-taking activities following the recent price rally, a dealer said.

Palm oil trader David Ng said weak production and low stocks data would, however, continue to support the market in the near term.


The Malaysian Palm Oil Board reported that Malaysia's end-September palm oil stocks fell 6.99% to 1.75 million tonnes from the previous month.


It said CPO production declined 0.39% month-on-month to 1.7 million tonnes, while palm oil exports surged 36.83% to 1.6 million tonnes.


“We locate the next support level at RM4,700 per tonne and resistance at RM5,000 per tonne,” Ng told Bernama.


Meanwhile, independent inspection company AmSpec Agri Malaysia reported that Malaysia’s palm oil export for Oct 1-10, 2021, stood at 500,381 tonnes versus 540,915 tonnes for the same period last month.


At the close, the CPO futures contract for October 2021 rose RM3 to RM5,155 a tonne, while November 2021 eased RM9 to RM5,076 a tonne and December 2021 slipped RM11 to RM4,955 a tonne.


January 2022 edged down RM13 to RM4,856 a tonne, while February 2022 and March 2022 each trimmed RM5 to RM4,765 and RM4,655 a tonne respectively.


Total volume decreased to 49,320 lots from 89,289 lots on Friday (Oct 8), while open interest fell to 237,450 contracts from 272,276 contracts previously.


The physical CPO price for October South was RM110 higher at RM5,130 a tonne.


Read more at https://www.theedgemarkets.com/article/cpo-futures-end-mostly-lower-profit-taking



ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
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