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MARKET

CPO futures reverses gains on profit-taking

23/04/2021 07:41 PM

By Karina Imran and Zufazlin Baharuddin

KUALA LUMPUR, April 23 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Thursday due to profit-taking activities after three consecutive days of gains. 

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market was volatile, with prices retreating over 60 points for the third-month benchmark CPO futures for July.

“At the beginning, CPO futures rose but the gains were not sustained as weekend profit-taking swept off more than 60 points on the third-month benchmark,” he told Bernama.

Meanwhile, palm oil trader David Ng said CPO futures gyrated from positive to negative and ended lower today due to the recent rally in prices which may have hampered demand from major importing countries. 

At the close, CPO futures contract for May 2021 fell RM69 to RM4,351 per tonne, June 2021 declined by RM64 to RM4,125 per tonne, July 2021 weakened RM62 to RM3,927 per tonne, and August 2021 eased by RM60 to RM3,776 per tonne.

Total volume increased to 54,389 lots from 52,867 lots on Thursday while open interest slid to 257,697 contracts from 259,261 contracts previously.  

The physical CPO price for May South was marginally lower by RM20 at RM4,420 per tonne.

-- BERNAMA

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