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By Sharifah Pirdaus Syed Ali
KUALA LUMPUR, May 11 (Bernama) -- The benchmark crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives recovered from yesterday’s losses to end higher today on the expectation of stronger exports, dealers said.
Exports of Malaysian palm oil products from May 1 to 10 rose 40.3 per cent from the same period in April, according to cargo surveyor Intertek Testing Services.
Palm oil trader David Ng said traders expect an increase in demand for Malaysian palm oil amid Indonesia’s ongoing ban on exports of the vegetable oil.
CPO prices were also tracking gains in bean oils in benchmark markets, as well as higher energy prices, he added.
“Soyoil prices on the Chicago Board of Trade (CBOT) rose 0.8 per cent, recovering some of the losses from the past two sessions after US soybean planting progress was reported to be (below) analysts' projections and last year’s figures, while Dalian's most active soyoil contract rose 0.9 per cent,” he told Bernama.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
“Hence, we locate support at RM6,100 per tonne and resistance at RM6,700 per tonne,” he said.
At the close, the CPO futures contract for May 2022 rose RM200 to RM7,153 a tonne, June 2022 gained RM183 to RM6,801 a tonne, July 2022 added RM163 to RM6,476 a tonne and August 2022 increased RM153 a tonne to RM6,261.
September 2022 was up RM133 to RM6,139 a tonne and October 2022 bagged RM115 to RM6,065 a tonne.
Total volume rose to 62,154 lots from Tuesday’s close of 49,979 lots while open interest increased to 265,904 from 253,980 contracts previously.
The physical CPO price for May South added RM150 to RM7,200 a tonne.
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