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By Karina Imran and Zufazlin Baharuddin
KUALA LUMPUR, April 20 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to close higher today as stronger exports data helped to lift sentiment higher.
Palm oil trader David Ng said the restocking by major markets such as China and India in the coming weeks sent prices higher today.
"Currently both countries are restocking their edible oil due to lower stocks,” he told Bernama.
Today, cargo surveyor Intertek Testing Services (ITS) data revealed that Malaysia’s exports for the April 1-20 period was up by 10.82 per cent to 813,946 tonnes from 734,463 tonnes in the same period in March 2021.
Similarly, cargo surveyor Amspec Malaysia stated that exports in the April 1-20 period rose 10.16 per cent to 820,979 tonnes from 745,260 tonnes in the same period in March 2021.
At the close, CPO futures contract for May 2021 recovered RM51 to RM4,231 per tonne, June 2021 inched up RM78 to RM3,987 per tonne, July 2021 strengthened RM97 to RM3,805 per tonne and August 2021 was perked by RM94 to RM3,680 per tonne.
Total volume soared to 60,118 lots from 36,208 lots lots on Monday, while open interest surged to 262,860 contracts from 240,206 contracts previously.
The physical CPO price for May South improved RM70 to RM4,250 per tonne.