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KUALA LUMPUR, Aug 4 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed earlier gains to close lower today, following higher inventory concerns in the coming weeks, a dealer said.
Palm oil trader David Ng said weaker soybean oil prices are also seen to be pressuring the sentiment in the near term.
“As such, we locate the support level at RM3,500 and resistance at RM4,200 a tonne,” he told Bernama.
According to CGS-CIMB Securities Sdn Bhd, Malaysia’s CPO output is expected to grow by 2.8 per cent month-on-month (m-o-m) and 4.3 per cent year-on-year to 1.59 million tonnes in July 2022.
It also said Malaysia’s palm oil stocks are estimated to rise by 9.8 per cent m-o-m to 1.82 million tonnes as at the end of July 2022, mainly due to higher output.
At the close, the CPO futures contract for spot month August 2022 shrank RM76 to RM3,940 a tonne, September 2022 depreciated RM33 to RM3,854 a tonne, October 2022 inched down RM46 to RM3,821 a tonne, and November 2022 lost RM56 to RM3,826 a tonne.
Meanwhile, December 2022 was RM71 weaker at RM3,860 a tonne and January 2023 decreased by RM77 to RM3,918 a tonne.
Total volume rose to 86,615 lots from 57,432 lots on Wednesday, while open interest slid to 282,128 from 253,675 contracts previously.
The physical CPO price for August South fell by RM100 to RM4,000 a tonne.
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