Palm oil futures lower on demand worries

KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives swung between positive and negative territory today but ended lower on mounting concerns over weaker exports amid recently high prices which deter short-term demand.

Speaking to Bernama, palm oil trader David Ng said investors also adopted a wait-and-see approach ahead of August export data from the Malaysian Palm Oil Board due on Wednesday.

"Fears of COVID-19 Delta variant triggered fresh concern over weaker demand for palm oil moving forward,” he said, adding that the support level was spotted at RM4,100 and resistance level at RM4,350 a tonne.

At the close, CPO futures contract for August 2021 decreased RM67 to RM4,453 per tonne, September 2021 fell RM73 to RM4,347 per tonne, October 2021 slipped RM74 to RM4,200 per tonne, November 2021 went down RM61 to RM4,095 per tonne, December 2021 declined RM45 to RM4,030 per tonne, and January 2022 dipped RM45 to RM3,968 per tonne.

Total volume slid to 49,249 lots from last Friday’s 52,958 lots, while open interest fell to 243,950 contracts from 249,744 contracts previously.

The physical CPO price for August South lost RM70 to RM4,530 per tonne.

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palm oil , CPO , MPOB


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