Malaysia: CPO futures close slightly higher on Aug 17
RBD Palm Oil
Malaysia
Published Aug 18, 2022
Tridge summary
Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed marginally higher on Wednesday (Aug 17), in line with gains in soybean oil prices, a dealer said. Palm oil trader David Ng said higher soybean oil futures in the Chicago Board of Trade (CBOT), coupled with improving crude oil prices, supported local CPO futures. "Hence, we locate support at RM3,900 a tonne and resistance at RM4,500 a tonne," he told Bernama.
Original content
KUALA LUMPUR (Aug 17): Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures opened a gap lower on Wednesday, extending Tuesday’s weakness, following sharply lower CBOT soybean oil and crude oil futures overnight. However, the reduction in Malaysian palm oil export tax for September saw CPO prices recovering quickly and going into positive territory at the close. "Malaysia kept palm oil export tax for September unchanged at 8%, revising the palm oil reference price to RM3907.51, from RM5257.91 per tonne in August. "But net payable export tax has gone down tentatively to RM312.60 per tonne (US$70) for September, from RM420.63 per tonne in August (US$94.61). The 8% export duty is the highest cap, as prices are in the highest tax bracket above RM3,450 per tonne," he said. At the close, CPO futures contracts for spot months September 2022 improved RM10 to RM4,166 a tonne, while October 2022 and February 2023 increased RM6 each to RM4,176 a ...
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