CPO Futures Hit Fresh All-Time High Of RM5,667 by admin- Tuesday, February 15th, 2022 07:43:34 AM
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed at an all-time high of RM5,667 a tonne for the April contract.
Singapore-primarily based Palm Oil Analytics proprietor and co-founder Sathia Varqa said the fee surged following information of the CPO import duty cut by using India to five percentage from 7.Five percentage.
“This stoked expectation of better inbound CPO shipments to India, and with Indonesia’s export restrictions measures in area, the chance for Malaysia CPO export is looking up, fuelling palm futures to surpass previous record high,” he advised Bernama.
Besides, he stated the stronger soybean oil overall performance at the Dalian Commodity Exchange also supplied a fillip to the nearby marketplace.
At the close today, the CPO futures agreement for February brought RM135 to RM5,935 a tonne, March 2022 rose RM108 to RM5,817 a tonne, April 2022 received RM87 to RM5,667 a tonne, May 2022 multiplied RM82 to RM5,499 a tonne, June 2022 changed into RM76 higher at RM5,326 a tonne, and July 2022 stepped forward RM79 to RM5,a hundred and seventy a tonne.
Total volume decreased to 67,606 lots from final Friday’s close of seventy two,103 plenty, whilst open hobby superior to 272,818 contracts from 272,630 contracts formerly.
The bodily CPO price for February rose RM90 to RM5,950 a tonne. – Bernama