CPO futures close mostly lower on profit-taking

Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said the CPO futures succumbed to profit-taking amid news that Russia had withdrawn its troops thus reducing the geopolitical tension. (File pic shows a palm oil factory in Malaysia)

PETALING JAYA: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mostly lower on profit-taking after hitting an all-time high yesterday.

Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said the CPO futures succumbed to profit-taking amid news that Russia had withdrawn its troops thus reducing the geopolitical tension.

“Palm oil futures surrendered all of its gains after testing another all-time high price on the third month benchmark.

“The gains and new record high dissipated from quick profit-taking and on the idea of easing Ukraine-Russia tensions,” he said. Cargo surveyor Intertek Testing Services’ data showed that Malaysia’s exports for Feb 1 to 15 rose by 18.8% to 506,183 million tonnes. — Bernama