CPO Futures End Mostly Higher On Strong Export Data by admin- Tuesday, November 16th, 2021 08:17:35 AM
The crude palm oil (CPO) futures agreement on Bursa Malaysia Derivatives ended in general higher on Monday (Nov 15), supported by way of strong export statistics for the primary half of of the month, a provider said.
Cargo surveyor Intertek Testing Services pronounced that palm oil export for Nov 1-15, 2021 rose by 26.6% to 882,385 tonnes, from 696,811 tonnes shipped throughout the same length last month.
Meanwhile, unbiased inspection business enterprise AmSpec Agri Malaysia said exports of Malaysian palm oil merchandise during the same length rose 10.Three% to 798,399 tonnes, from 723,561 tonnes shipped previously.
Palm oil trader David Ng said the better exports facts, coupled with the lower manufacturing of palm oil, will probably be supportive closer to CPO costs within the near term.
“We discover guide at RM4,750 and resistance at RM5,080,” he told Bernama.
At the close, the CPO futures settlement for November 2021 become down by way of RM15 to RM5,390 a tonne, and December 2021 superior by RM40 to RM5,227 a tonne.
January 2022 extended RM31 to RM4,966 a tonne, February 2022 added RM29 to RM4,766 a tonne, even as each March 2022 and April 2022 stepped forward with the aid of RM31 to RM4,588 and RM4,438 a tonne respectively.
Total extent slipped to forty seven,264 plenty from fifty five,499 masses on Friday (Nov 12), even as open hobby declined to 252,010 contracts from 258,213 contracts formerly.
The physical CPO charge for November South fell RM40 to RM5,360 a tonne.