COVID–19 NEWS   COVID : 30.4 pct of children in Malaysia fully vaccinated | N Korea reports one additional death amid COVID-19 outbreak | S Korea to resume issuing short-term travel visas, e-visas next month | Biden's daughter tests positive for COVID-19 | MPN recommends govt to come up with new initiatives to help tourism sector | 
MARKET

CPO futures end higher on expectation of stronger exports

11/05/2022 09:12 PM

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.

-- BERNAMA

 

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy