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By Anas Abu Hassan
KUALA LUMPUR, Feb 22 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed marginally higher today, borrowing the strength from higher soybean oil close on the Chicago Board of Trade.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa CPO said CPO futures pared most of the gains towards the close after data released by the Southern Peninsula Palm Oil Millers’ Association showed CPO production for Feb 1-20 increased 15 per cent compared to the same period in January.
He said the market’s next focus would be on production data for Feb 1-20 from the Malaysian Palm Oil Association due this week.
"The overall production for Malaysia is expected to be up two to seven per cent," he told Bernama.
At the close, the CPO futures contract for March 2021 increased RM31 to RM3,945 per tonne, April 2021 rose RM27 to RM3,739 per tonne, May 2021 added RM22 to RM3,544 per tonne, and June 2021 gained RM27 to RM3,407 per tonne.
Total volume tumbled to 40,514 lots from 71,001 lots on Friday, while open interest fell to 232,828 contracts from 256,112 contracts previously.
The physical CPO price for February South added RM30 to RM3,960 per tonne.