CPO Futures Contract, Parallel With Weakness Of CBOT Soy Oil

Crude palm oil futures contract on Bursa Malaysia Derivatives closed lower, following the weakness of soybean oil futures on Chicago Board of Trade (CBOT).

The CBOT’s soy oil futures fell 0.4% on Friday.

Palm oil trader David Ng said buying activities will be confined to stock replenishment on a steady basis hence putting pressure on the CPO price.

“We see support at RM4,200 a tonne and resistance at RM4,400 a tonne,” he told Bernama.

Meanwhile, another dealer said buyers are now awaiting the Malaysian Palm Oil Board’s palm oil export and production data, which is scheduled to be released on April 15 (Monday).

At the close, the spot month April 2024 contract fell RM19 to RM4,498 a tonne, May 2024 slipped RM24 to RM4,371 a tonne, June 2024 decreased by RM36 to RM4,282 a tonne, and July 2024 went down by RM38 to RM4,210 a tonne.

August 2024 depreciated by RM33 to RM4,139 a tonne and September 2024 slid RM29 to RM4,082 a tonne.

Total volume increased to 66,678 lots from Tuesday’s 65,843 lots, while open interest was higher at 267,644 contracts from 266,291 contracts previously.

The physical CPO price for April South was RM20 lower at RM4,510 a tonne.

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