Wednesday, 27 May 2020
21/05/2020 08:50 PM

KUALA LUMPUR, May 21 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today on stronger soybean oil prices on China’s Dalian Commodity Exchange.

A dealer, David Ng said improving May export for the commodity also boosted buying support, but may put a cap on the increase in the stock level.

“An anticipation of a lower rise in production will also keep an overall positive sentiment.

“Support for CPO is located at RM2,100 per tonne while resistance is at RM2,250 per tonne,” he said.

Meanwhile, Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said that palm oil prices in the market are expected to strengthen following India’s move to resume importing palm oil from Malaysia.

India is one of Malaysia's most important trading partners in the agricultural sector.

In 2019, India imported 4.5 million tonnes of palm oil and palm oil-based products worth RM9.8 billion.

At the close, spot month June 2020 surged RM58 to RM2,276 per tonne, July 2020 increased RM51 to RM2,226 per tonne, August 2020 rose RM48 to RM2,207 per tonne, and September 2020 gained RM44 to RM2,206 per tonne.

Volume improved to 42,784 lots from 41,875 lots on Wednesday, while open interest contracted to 249,817 contracts from 250,603 contracts previously.

On the physical market, June South marginally eased RM1 to RM2,182 per tonne.

-- BERNAMA

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