KUALA LUMPUR, May 6 — The crude palm oil futures contract on Bursa Malaysia Derivatives continued its downtrend, ending lower today amid expectations of an imminent cancellation of Indonesia’s palm oil export ban.
Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa said because of that, CPO futures had faced the most intense two days of sell-off, erasing 698 points on the benchmark month. “Besides, a higher Malaysian April production outlook is feeding into rising supply. CPO production in April increased by 6 to 7 per cent from March data,” he told Bernama.
At the close, the CPO futures contract for May 2022 fell RM324 to RM7,058 a tonne, June 2022 dropped RM441 to RM6,785 a tonne, July 2022 went down RM352 to RM6,400 a tonne, and August 2022 was RM261 lower at RM6,154 a tonne.Total volume improved to 90,733 lots from Thursday’s close of 53,218 lots while open interest reduced to 209,809 from 255,871 contracts previously.
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