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By Kisho Kumari Sucedaram
KUALA LUMPUR, June 8 -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today as concern over higher output and weaker demand weighed down prices.
Palm oil trader David Ng said the recent rally in the soybean oil market was seen as a near-term supporting price factor.
"As such, we locate support at RM3,950 and resistance at RM4,100," he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the Malaysian Palm Oil Association estimated that May production data could show a rise of seven per cent, higher than market expectations of 2.6 per cent to 3.4 per cent.
“A higher output with flat exports will inevitably raise stocks to nearly 1.7 million tonnes, the highest in eight months,” he said.
The Malaysian Palm Oil Board is expected to release production, stocks as well as export, data for May that are set to influence the overall market performance this week.
At the close, the CPO futures contract for June 2021 slipped RM50 to RM4,180 per tonne, July 2021 fell RM81 to RM4,123 per tonne, August 2021 shrank RM88 to RM4,049 per tonne and September 2021 narrowed RM79 to RM3,995 per tonne.
Total volume rose to 70,803 lots from 64,456 lots last Friday, while open interest increased to 241,592 contracts from 230,652 contracts previously.
The physical CPO price for June South was unchanged at RM4,250 per tonne.
The CPO market was closed on Monday in conjunction with the official birthday of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.
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