KUALA LUMPUR (June 25): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from yesterday’s losses to end higher today, supported by higher exports data.
According to cargo surveyor Intertek Testing Services’ data, Malaysia’s exports for the June 1-25 period rose by 3.35% month-on-month (m-o-m) to 1.14 million tonnes from 1.10 million tonnes in May 1-25, said palm oil trader David Ng.
Meanwhile, cargo surveyor Amspec Malaysia stated that exports in the June 1-25 period rose 6.03% m-o-m to 1.17 million tonnes from 1.1 million tonnes in May.
“The overnight gains in the soybean oil market on the Chicago Board of Trade (CBOT) also lifted the sentiment in the CPO market,” he told Bernama.
He located support at RM3,420 and resistance at RM3,600.
At the close, the CPO futures contract for July 2021 rose RM97 to RM3,702, August 2021 increased RM109 to RM3,601 per tonne, September 2021 gained RM99 to RM3,520 per tonne, while October 2021 added RM91 to RM3,475 per tonne.
Total volume decreased to 54,443 lots from 74,634 lots on Thursday, while open interest reduced to 234,760 contracts from 251,283 contracts previously.
The physical CPO price for July South was RM100 higher at RM3,750 per tonne.
