CPO Futures Close Higher, Tracking Gains In Soybean Oil

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) ended the week mostly higher on the back of stronger soybean oil prices during Asian hours, a dealer said.

He said the recovery in the Chicago Board of Trade (CBOT) soybean oil futures pushed up CPO demand on Friday. “However, further gains were capped by the stronger ringgit against the US dollar,” he added.

Bernama cited at the close, the CPO futures contract for the spot month of September 2022 was unchanged at RM3,438 per tonne, October 2022 rose by RM33 to RM3,542, November 2022 added RM38 to RM3,579, and December 2022 gained RM39 to RM3,621 per tonne.

The January 2023 contract increased RM41 to RM3,668 per tonne and February 2023 went up RM39 to RM3,715 per tonne.

Total volume decreased to 63,478 lots from 91,338 lots on Thursday, while open interest fell to 261,706 contracts from 287,592 contracts previously.

The physical CPO price for September South was unchanged at RM3,650 per tonne.

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