KUALA LUMPUR, March 14 — The crude palm oil futures contract on Bursa Malaysia Derivatives ended lower today on concerns over demand and as profit-taking continued following the recent rally.
“Market talk of Indonesia reducing or removing the domestic market obligation policy had also triggered a big sell-off of eight per cent. Improving production outlook from March onwards also weighs down on the futures market. Palm oil trader David Ng said the CPO price plunged on concern over demand amid news that China’s cities are again under lockdown to stem the spread of COVID-19.
At the close today, the CPO futures contract for March 2022 lost RM694 to RM6,986 a tonne, April 2022 slipped RM656 to RM6,924 a tonne and May 2022 decreased RM602 to RM6,361 a tonne.
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