CPO futures end higher amid soybean oil's gains, stronger export outlook

CPO futures end higher amid soybean oil's gains, stronger export outlook

KUALA LUMPUR (April 8): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Friday, tracking firmer soybean oil prices on the Chicago Board of Trade, said a dealer.

Palm oil trader David Ng said the prospect of stronger exports for Malaysian palm oil also supported CPO futures prices on Friday.

“I heard news on the ground saying that there is stronger exports data. This shows there is still some buying interest from key markets. However, we are still waiting for the official report due out early next week.

“We locate support at RM5,500 a tonne and resistance at RM6,100 a tonne,” he told Bernama on Friday.

At the close on Friday, the CPO futures contract for April 2022 rose RM71 to RM6,681 a tonne, May 2022 and June 2022 increased RM94 each to RM6,307 a tonne and RM5,921 a tonne, respectively, and July 2022 added RM111 to RM5,739 a tonne.

Meanwhile, August 2022 and September 2022 surged RM113 to RM5,650 a tonne and RM5,595 a tonne, respectively.

Total volume fell to 44,728 lots from Thursday’s close of 53,748 lots while open interest narrowed to 192,984 contracts from 240,630 contracts previously.

The physical CPO price for April South was RM50 higher at RM6,700 a tonne.

http://www.theedgemarkets.com/article/cpo-futures-end-higher-amid-soybean-oils-gains-stronger-export-outlook