By Fatin Umairah Abdul Hamid
KUALA LUMPUR, June 21 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Friday due to weakness in Chicago Board of Trade soy oil and Intercontinental Exchange canola futures overnight, said Mumbai-based Sunvin Group commodity research head Anilkumar Bagani.
He said that the CPO futures were also tracking Chinese vegetable oil futures during Asian trading hours, while the weakness in energy prices has tempered some bullish sentiments in the palm oil market.
“However, Chinese resumption of palm oil buying on Thursday and palm oil’s discount against competing oils have supported the palm oil cause and limited the losses,” he told Bernama.
Meanwhile, palm oil trader David Ng said the CPO ended lower today due to the expectation of higher production in the coming weeks and also weaker soybean oil prices.
At the close, the spot month July 2024 contract slid by RM50 to RM3,930 a tonne, August 2024 decreased by RM58 to RM3,911 a tonne, September 2024 was RM59 lower at RM3,900 a tonne, October 2024 declined by RM57 to RM3,892 a tonne, November 2024 fell by RM52 to RM3,898 a tonne and December 2024 dropped RM51 to RM3,914 a tonne.
Total volume rose to 58,712 lots from Thursday’s 48,882 lots, while open interest fell to 215,347 contracts from 218,166 contracts previously.
The physical CPO price for June South was RM20 lower at RM3,980 per tonne.
-- BERNAMA
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