Palm oil futures up on bullish production data

KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives finished the week mostly higher today after volatile trading from lower Malaysian Palm Oil Association (MPOA) production data.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the MPOA revealed that production for July 1-31, 2021 fell 5.97% to 1.51 million tonnes.

"The lower MPOA production data offset the higher Aug 1-5 output data by the Southern Peninsula Palm Oil Millers' Association (SPPOMA),” he told Bernama.

SPPOMA production data for Aug 1-5, 2021 showed an increase of 33.32% compared to the same period last month.

Meanwhile, palm oil trader David Ng said concern over weaker output and stronger exports had lifted prices today.

At the close, only the CPO futures contract for August 2021 decreased RM6 to RM4,520 per tonne.

Meanwhile, September 2021 rose RM23 to RM4,420 per tonne, October 2021 bagged RM57 to RM4,274 per tonne, November 2021 went up RM76 to RM4,156 per tonne, December 2021 added RM82 to RM4,075 per tonne and January 2022 gained RM85 to RM4,013 per tonne.

Total volume decreased to 52,958 lots from 57,275 lots on Thursday, while open interest fell to 249,744 contracts from 252,735 contracts previously.

The physical CPO price for August South improved RM30 to RM4,600 per tonne.

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