KUALA LUMPUR (March 10): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended weakness in tracking weakness in the Chicago bean oil market, the report said. palm oil trader David Ng.
He said bearish data from the Malaysian Palm Oil Board (MPOB), which reported a higher-than-expected stock level, weighed on sentiment.
“The market expected inventories to be down double digits, but MPOB reported only a marginal decline.
“We locate support at RM 6,300 and resistance at RM 7,200 per ton,” he said.
The MPOB said in a statement on Thursday that Malaysian CPO stocks fell slightly, falling 0.28% to 784,471 tonnes in February 2022 from 786,663 tonnes in January 2022.
At Thursday’s close, the CPO futures contract for March 2022 rose RM59 to RM7,680 per ton and April 2022 gained RM38 to RM7,620 per ton.
May 2022 fell RM113 to RM6,961 per ton, June 2022 deducted RM220 to RM6,463 per ton, July 2022 weakened RM214 to RM6,168 per ton and Aug 2022 slipped from RM188 to 5,980 RM per ton.
Total volume declined to 56,978 lots from Wednesday’s close of 63,077 lots, while open interest fell to 238,044 contracts from 245,005 contracts previously.
The physical CPO price for March South increased by RM100 to RM7,600 per ton.