CPO futures end lower on Aug 15 on profit-taking

TheEdge Mon, Aug 15, 2022 11:19pm - 1 year View Original


KUALA LUMPUR (Aug 15): The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended lower on Monday (Aug 15) on profit-taking activities, a dealer said.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said lower soybean oil futures, coupled with the weakness in crude oil has triggered profit-taking in local CPO futures.

“Soybean oil futures on the Chicago Board of Trade (CBOT) was trading sharply lower in Asian hours on Monday.

“It has led to profit-taking activities in local market, after the last week surge to nearly RM4,500 per tonne for the benchmark October futures,” he told Bernama.

Bagani said the CPO futures was trading at a discount of US$506 over CBOT soybean oils and at a discount of US$68 per tonne over gas oil.

At the close, the CPO futures contract for spot months August 2022 fell RM101 to RM4,331 a tonne, September 2022 declined RM311 to RM4,094 a tonne, October 2022 lost RM282 to RM4,125 a tonne, November 2022 shed RM273 to RM4,138 a tonne, December 2022 erased RM260 to RM4,172 a tonne, and January 2023 went down RM256 to RM 4,218 a tonne.

Total volume narrowed to 58,173 lots from 85,631 lots last Friday, while open interest increased to 243,414 from 191,133 contracts previously.

The physical CPO price for August South edged down RM150 to RM4,300 a tonne.

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