KUALA LUMPUR (Dec 8): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Wednesday following weakness in the overnight Chicago Board of Trade’s (CBOT) soybean oil market and the Dalian Commodity Exchange during Asian trading hours.
Mumbai-based Sunvin Group's commodity research head Anilkumar Bagani said the market is now gearing up for Friday's Malaysian Palm Oil Board (MPOB) November palm oil supply and demand monthly previews.
"For palm oil, almost all the important supply and demand data is out now and the market is gearing up for Friday's MPOB November palm oil supply and demand monthly previews.
"The focus will be on end-November palm oil inventories, which will be guided by production and export numbers. The general consensus is a decline in end-November stocks," he told Bernama.
Meanwhile, palm oil trader David Ng said the market ended lower on Wednesday in sync with the weaker soybean oil prices on CBOT.
"We locate support at RM4,600 per tonne and resistance at RM5,050 per tonne," he said.
At the close, the CPO futures contract for December 2021 lost RM50 to RM5,255 a tonne, January 2022 declined RM73 to RM5,103 a tonne, February 2022 slipped RM88 to RM4,841 a tonne, and March 2022 eased RM95 to RM4,626 a tonne.
Meanwhile, April 2022 fell RM92 to RM4,450 per tonne and May 2022 was lower by RM88 to RM4,311 a tonne.
Total volume dipped to 56,239 lots from Tuesday's close of 59,398 lots while open interest narrowed to 241,984 contracts from 246,879 contracts previously.
The physical CPO price for December South decreased RM100 to RM5,280 a tonne.
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