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MARKET

CPO futures end higher on firmer soybean oil prices

17/02/2021 07:51 PM

By Zufazlin Baharuddin

KUALA LUMPUR, Feb 17 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today, tracking the better performance of soybean oil prices on the Chicago Board of Trade (CBOT).

Palm oil trader David Ng said the CPO futures prices were also supported by expectations of strong demand, as well as lower stocks in the coming months.

“The strong demand (is expected) to come from China as there's a lack of supply (of the commodity) there,” he told Bernama.

Yesterday, the Southern Peninsula Palm Oil Millers’ Association (SPPOMA) revealed that CPO production for Feb 1-15 rose 9.42 per cent compared with the same period in January, which is lower than market expectations of around 13 per cent increase in production.

At the close, the CPO futures contract for March 2021 increased RM77 to RM4,015 per tonne, April 2021 surged RM91 to RM3,816 per tonne, May 2021 added RM97 to RM3,632 per tonne, and June 2021 soared RM99 to RM3,470 per tonne.  

Total volume decreased to 60,913 lots from 73,879 lots on Tuesday, while open interest fell to 182,875 contracts from 194,473 contracts previously.  

The physical CPO price for February South added RM50 to RM4,020 per tonne. 

-- BERNAMA

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