Malaysia's CPO futures end lower

KUALA LUMPUR (Feb 8): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Thursday in line with the Chicago Board of Trade (CBOT) soybean oil market’s weakness during Asian hours. Palm oil trader David Ng said the CPO prices were also weighed down by higher output estimates — the Southern Peninsula Palm Oil Millers Association (SPPOMA) figures showed Malaysian palm oil production increased 13.88% for the Feb 1-5 period. “This [SPPOMA data] will mean production output will go higher and likely will elevate stock level in the country. “We see support at RM3,700 a tonne and resistance at RM3,900 a tonne,” he said. Echoing Ng’s view, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said SPPOMA’s Feb 1-5 data shows South Peninsular Mills palm oil production recovering by just under 14%. “It means, the flooding impact in the first half of January is mostly over and we may not see a bigger production cut unless something big happens at the ...