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MARKET

CPO futures end lower on concern over weaker demand

12/01/2022 08:58 PM

By S. Kisho Kumari

KUALA LUMPUR, Jan 12 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed earlier gains to close lower today as concern over weaker demand in light of the recent rally is pressuring prices in the near term, a dealer said.

According to the Malaysian Palm Oil Board's (MPOB) data released on Jan 10, palm oil exports were down by 3.48 per cent to 1.41 million tonnes in December versus 1.47 million tonnes in November.

"As such, we locate support at RM4,750 a tonne and resistance at RM5,100 a tonne,” palm oil trader David Ng told Bernama.

The CPO futures contract for January 2022 narrowed by RM50 to RM5,260 a tonne while February 2022 slipped RM37 to RM5,240 a tonne.

March 2022 and April 2022 decreased by RM27 to RM5,040 a tonne and RM4,857 a tonne respectively,  May 2022 lost RM24 to RM4,694 a tonne and June 2022 fell RM28 to RM4,559 a tonne.

Total volume added to 57,239 lots from 52,335 lots yesterday while open interest rose to 257,778 contracts from 252,720 contracts previously. 

The physical CPO price for January South declined RM30 to RM5,320 a tonne from RM5,350 a tonne yesterday.

-- BERNAMA


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