The Edge Markets (12/10/2021) - KUALA LUMPUR (Oct 12): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its downward trend to close easier on Tuesday on lower export data, a dealer said.
The dealer said palm oil retreated as a slump in exports over the first 10 days of this month countered the impact of a surprise contraction in September stockpiles.
According to cargo surveyor Intertek Testing Services' data, Malaysia's palm oil exports fell 7.59% month-on-month from Oct 1-10, 2021, as compared to the same period last month.
Cargoes to India and China declined 10% and 47% respectively, the data showed.
"Demand for the tropical oil could gradually fade away as India’s festival buying will end around the middle of October," said the dealer.
At the close, the CPO futures contract for October 2021 eased RM59 to RM5,096 a tonne, November 2021 slid RM102 to RM4,974 a tonne, and December 2021 slipped RM100 to RM4,855 a tonne.
January 2022 inched down RM94 to RM4,762 a tonne, while February 2022 trimmed by RM85 to RM4,680 a tonne, and March 2022 decreased by RM73 to RM4,582 a tonne.
Total volume increased to 57,781 lots from 49,320 lots on Monday (Oct 11), while open interest rose to 243,017 contracts from 237,450 contracts previously.
The physical CPO price for October South fell RM30 to RM5,100 a tonne.
Read more at https://www.theedgemarkets.com/article/cpo-futures-end-easier-lower-export-data