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KUALA LUMPUR, Sept 19 (Bernama) -- The concern over rising output in the country coupled with the weakness in the Chicago bean oil market has dragged crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) lower on Monday.
The Peninsula Palm Oil Millers’ Association (SPPOMA) estimated that production for September 1-15 rose by 7.50 per cent against August 1-15 while fresh fruit bunches for the period improved 7.32 per cent on a month-on-month comparison.
Palm oil trader David Ng said he locate the support level at RM3,500 per tonne and resistance at RM4,000 per tonne.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said the performance of the futures market for this week would be influenced by several fundamental palm-related data.
This included the Malaysian Palm Oil Association September 1-20 Malaysia production data, cargo surveyor Intertek Testing Service, Amspec and Societe Generale de Surveillance (SGS) September 1-20 exports data, Palmex Malaysia Conference and Exhibition to be held on September 20-21 as well as the US Federal Reserve interest rate setting meeting.
At the close, the CPO futures contracts for the spot month of October 2022 fell RM53 to RM3,606 per tonne, November 2022 declined by RM70 to RM3,654 per tonne, December 2022 was reduced by RM83 to RM3,700 per tonne and January 2023 dropped RM50 to RM3,733 per tonne.
February 2023 decreased RM103 to RM3,777 per tonne and March 2023 depreciated RM101 to RM3,813 per tonne.
Total volume rose to 74,304 lots from 63,770 lots on Thursday while open interest widened to 276,288 contracts from 206,287 contracts previously.
Physical CPO price for September South maintained at last week’s RM3,750 per tonne.
The market was closed on Friday, September 16, for Malaysia Day.
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