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09 May 2023. Tuesday
KUALA LUMPUR (May 8): Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Monday (May 8) on expectation of weaker output, ahead of Malaysian Palm Oil Board data which will be release on Wednesday (May 10).
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said market players are expecting stocks to slip to an 11-month low due to the ominous El-Nino threat, which will push CPO prices higher.
The recovery in related edible oils also volleyed CPO prices to a two-week high, he told Bernama.
At Monday’s close, May 2023 contract rose RM14 to RM4,084 per tonne, June 2023 added RM144 to RM3,918, and July 2023 increased RM161 to RM3,762.
August 2023 improved RM158 to RM3,699, September 2023 gained RM151 to RM3,667, while October 2023 advanced RM130 to RM3,644.
Total volume declined to 84,004 lots from 96,403 lots on Friday (May 5), while open interest went up to 284,992 contracts from 208,213 contracts.
Physical CPO price for May South was unchanged at RM4,150 per tonne.
