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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

palm oil , CPO , MPOB

   

Next In Business News

Petronas revenue soars in Q3 powered by crude oil price rally�
Oil falls 3% on jitters over vaccine efficacy
CIMB registers RM3.44bil nine-month net profit
MARA Inc to jointly develop RM500m condominium in Kota Kinabalu next year
Ringgit snaps losing streak against dollar
Strong earnings growth for Kelington
Axiata unit edotco buys tower firm for RM1.7bil, expanding its market share ��
Bursa Malaysia ends higher on bargain-hunting
Improved 2Q performance for Datasonic as economy opens
Tenaga completes divestment of TNB Power Daharki for RM229mil

Others Also Read


Vouchers