CPO futures end higher despite decline in soybean oil prices

19/5/2022 9:28:00 PM

Commodities: CPO futures end higher despite decline in soybean oil prices - Bernama

Commodities: CPO futures end higher despite decline in soybean oil prices - Bernama

KUALA LUMPUR (May 19): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday despite the weakness in soybean oil futures on the Chicago Board of Trade, said a dealer.Palm oil trader David Ng said, however, sentiment was cautious as the expectation that the largest palm oil producer, Indonesia, may lift palm oil export ban from May 23 also weighed on prices.“It will be bad for Malaysian CPO prices because importers can now also

KUALA LUMPUR (May 19): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday despite the weakness in soybean oil futures on the Chicago Board of Trade, said a dealer.Palm oil trader David Ng said, however, sentiment was cautious as the expectation that the largest palm oil producer, Indonesia, may lift palm oil export ban from May 23 also weighed on prices.

“It will be bad for Malaysian CPO prices because importers can now also purchase from Indonesia if the republic lifts the ban. Definitely, there will be competition. We locate support at RM5,850 and resistance at RM6,400 per tonne,” he told Bernama.At the close, the CPO futures contract for spot month June 2022 increased RM30 to RM6,694 a tonne, July 2022 went up RM19 to RM6,364 a tonne, August 2022 rose RM18 to RM6,134 a tonne, and September 2022 improved RM15 to RM6,021 a tonne.

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A KUALA LUMPUR (May 19): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday despite the weakness in soybean oil futures on the Chicago Board of Trade, said a dealer.A KUALA LUMPUR (May 18): The benchmark crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly higher on Wednesday on the expectation of stronger exports in coming weeks owing to the palm oil export ban in Indonesia, said a dealer.Thursday, 19 May 2022 10:19 AM MYT KOTA KINABALU: Prime Minister Datuk Seri Ismail Sabri Yaakob is scheduled to officiate the Malaysian Family Aspirations (AKM) tour at the Sabah International Convention Centre (SICC) here on Friday (May 20)..

Palm oil trader David Ng said, however, sentiment was cautious as the expectation that the largest palm oil producer, Indonesia, may lift palm oil export ban from May 23 also weighed on prices. “It will be bad for Malaysian CPO prices because importers can now also purchase from Indonesia if the republic lifts the ban. “We locate support at RM6,000 and resistance at RM6,400,” he added. Definitely, there will be competition. Among them are the Malaysian Family Agro Sales, Malaysian Family Sales, electronic sports; community games, gotong-royong, fun ride cycling tour, Malaysian Family feast and an exhibition of ministries and government agencies. We locate support at RM5,850 and resistance at RM6,400 per tonne,” he told Bernama. Total volume eased to 43,468 lots from Tuesday’s close of 48,805 lots while open interest declined to 245,465 contracts from 248,321 contracts on Tuesday. At the close, the CPO futures contract for spot month June 2022 increased RM30 to RM6,694 a tonne, July 2022 went up RM19 to RM6,364 a tonne, August 2022 rose RM18 to RM6,134 a tonne, and September 2022 improved RM15 to RM6,021 a tonne.

October 2022 was RM14 higher at RM5,960 a tonne and November 2022 climbed RM12 to RM5,937 a tonne. Subscribe to Mid-day email alert We deliver news to your inbox daily. Sabah is the third destination for the AKM tour, inspired by the Prime Minister, after the first was held in Johor and the second in Perlis. Total volume jumped to 62,722 lots from Wednesday’s close of 43,468 lots, while open interest increased to 264,659 contracts from 245,465 contracts yesterday. The physical CPO price for May South fell RM70 to RM6,680 a tonne. Subscribe to Mid-day email alert We deliver news to your inbox daily .