1 / 2

CPO Futures In Malaysia End Higher On Stronger Soybean Oil Prices

On Friday, The crude palm oil (CPO) futures contract on the Bursa Malaysia Derivatives ended higher, owing to higher soybean oil prices and ongoing concerns about lower output.

Piyush26
Download Presentation

CPO Futures In Malaysia End Higher On Stronger Soybean Oil Prices

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CPO Futures In Malaysia End Higher On Stronger Soybean Oil Prices On Friday, The crude palm oil (CPO) futures contract on the Bursa Malaysia Derivatives ended higher, owing to higher soybean oil prices and ongoing concerns about lower output. Tradologie.com is a user friendly SaaS based global trade hub and your streamlined solution for B2B rice procurement and sales. Connect with global bulk palm oil buyers or palm oil sellers, bypass middlemen for higher profits, and secure the best bulk prices effortlessly. Simplify your palm oil sales or procurement with Tradologie.com. Malaysian Palm Oil Trade According to palm oil dealer David Ng, the expectation of reduced national stockpiles helped to sustain the prices of the golden commodity. He told Bernama that, “We witness support at RM3,600 per tonne and resistance at RM3,750 per tonne.” Anilkumar Bagani, head of commodity research at Sunvin Group in Mumbai, said that bargain buying and short covering caused CPO futures to trade higher during the day. This came after some bullish momentum in Chinese vegetable oil futures and steadying soft oil markets. This morning's bullish sentiment in palm oil has also been bolstered by the confirmation by UOB Kay Hian data of double-digit production losses in December 2023 and the anticipation of increased exports of Malaysian palm oil for the period of January 1-5.

  2. Palm Oil Production and Pricing He also mentioned that according to UOB Kay Hian's estimate, Malaysian palm oil production fell by 10–14% in December 2023, while data from the Southern Peninsular Palm Oil Millers Association indicates that production fell by 12.32% from November 2023 to December 2023. The Malaysian Palm Oil Association's full-month production estimates are currently awaited by the market. The spot month January 2024 increased by RM6 to RM3,690 a tonne at the close. February 2024 saw an increase of RM22 to RM3,675 a tonne. March 2024 saw an increase of RM25 to RM3,682 a tonne. April 2024 contracts saw an increase of RM23 to RM3,671 a tonne. May 2024 saw a slight increase of RM20 to RM3,649 a tonne and June 2024 increased by RM14 to RM3,615 a tonne. Open interest dropped to 212,004 contracts from 214,362 contracts earlier, while total volume increased to 58,390 lots from 43,055 lots on Thursday. For January South, the physical CPO price per tonne stayed at RM3,700. If you are a palm oil importer wishing to import palm oil in bulk or a palm oil exporter willing to export bulk palm oil, then Tradologie.com is the right platform for you. Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates. The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.

More Related