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By Karina Imran
KUALA LUMPUR, July 21 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mixed today as last-minute interest helped to push up prices.
Palm oil trader David Ng said the market was lower for most of the day, in sync with the weak soybean oil performance on the US Chicago Board of Trade (CBOT) during Asian trading hours.
However, he said lower July output according to the Southern Peninsula Palm Oil Millers' Association (SPPOMA) supported the idea of a tight supply scenario in July, boosting the local market.
The SPPOMA data revealed that output was lower by 5.45 per cent for July 1-20 period compared to the same period last month.
“Support level is now spotted at RM4,050 per tonne while the resistance level is at RM4,280 per tonne,” he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa opined that the weaker ringgit, which fell to a one-year low, had helped to cushion the fall in CPO prices.
The ringgit ended lower against the US dollar on Wednesday, slipping by 80 basis points to 4.2320/2345 from Monday's close of 4.2240/2265.
At the close, the CPO futures contract for August 2021 rose RM56 to RM4,395 a tonne, September 2021 increased RM17 to RM4,260 a tonne, while October 2021 fell RM2 to RM4,149 a tonne and November 2021 dipped RM18 to RM4,063 a tonne.
Total volume was marginally higher at 65,111 lots against 65,032 lots on Monday, while open interest improved to 249,260 contracts from 248,443 contracts previously.
The physical CPO price for August South increased RM30 to RM4,400 a tonne.
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