By Zairina Zainudin
KUALA LUMPUR, June 21 (Bernama) -- Weak market fundamentals continued weighing on the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives, sending the market to its fifth consecutive days of downtrend today.
Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa said the trading pattern was mixed but the futures market managed to pare all of the losses towards closing to end nearly unchanged from yesterday’s prices.
“A massive sell-off in palm and soya bean oil on Dalian Commodities Exchange, weakness in June 1-20 exports data, plus higher palm exports coming out from Indonesia ahead of peak production months. (All these) combined to depress palm futures.
“Nevertheless, bargain hunting following the low prices supported the futures market (from further losses),” he told Bernama.
At the close, the CPO futures contract for spot month July 2022 fell RM51 to RM5,21 a tonne, September 2022 slipped RM1 to RM4,980 a tonne and October 2022 lost RM15 to RM4,940 a tonne.
However, August 2022 was RM5 better at RM5,065 a tonne.
Total volume decreased to 84,565 lots today from 94,727 lots on Monday while open interest narrowed to 295,727 contracts from 310,748 contracts yesterday.
The physical CPO price for July South went down RM150 to RM5,300 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