KUALA LUMPUR (Sept 24): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its three-day winning streak to close marginally lower today as recent high prices kept demand at bay, palm oil trader David Ng said.
“We locate support at RM4,380 per tonne and resistance at RM4,550 per tonne,” he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said CPO futures snapped its winning streak to close some RM5 lower after booking hefty gains in the last two days but trading was largely directionless today.
“Mixed outlook on Malaysia’s Sept 1-25 exports growth — from 18% to a high of 40% month-on-month — kept the market drifting,” he said.
At the close, the CPO futures contract for October 2021 added RM7 to RM4,665 a tonne, November 2021 slipped RM1 to RM4,544 a tonne, and December 2021 weakened RM6 to RM4,441 a tonne.
January 2022 erased RM7 to RM4,339 a tonne, February 2022 was RM6 lower at RM4,235 a tonne, and March 2022 dropped RM11 to RM4,118 a tonne.
Total volume decreased to 37,830 lots from 62,889 lots on Thursday, while open interest shrank to 225,955 contracts from 248,935 contracts previously.
The physical CPO price for October South fell RM10 to RM4,670 a tonne.