CPO futures close higher on March 27 in anticipation of weaker output in Malaysia

Published 2023년 3월 27일

Tridge summary

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended its three-day losing streak and closed higher on March 27, driven by anticipated lower output and stockpile in the country. The Malaysian Palm Oil Association and UOB Kay Hian predict a decrease in local palm oil production by 6% and 5% to 9% for the March 1-20 period, respectively. As a result, the spot month April 2023 CPO added RM135 toRM3,884 per tonne, and the total volume dropped to 67,629 lots from 113,211 lots on Friday.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (March 27): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped a three-day losing streak to close higher on Monday (March 27), on expectation of weaker output and lower stockpile in the country,” said a dealer. Palm oil trader David Ng told Bernama on Monday that the expectations were seen to be supporting prices in the near term. ”Hence, we locate support at RM3,500 and resistance at RM3,850 a tonne,” he said. The Malaysian Palm Oil Association (MPOA) has forecast local palm oil production to decrease 6% for the March 1-20 period on a month-on-month basis, while UOB Kay Hian has projected a decline of 5% to 9%. At the close, spot month April 2023 added RM135 to RM3,884 per tonne, May 2023 increased RM91 to RM3,694 per tonne, and June 2023 rose RM65 to RM3,576 per tonne. July 2023 futures widened RM54 to RM3,528 per tonne, August 2023 ...

Source: Theedgemarkets