BMD Crude Palm Oil Futures >>> CPO Market Overviews

Palm Oil Ends Mostly Higher; e-CBOT Supports

Crude palm oil futures on Malaysia’s derivatives exchange ended mostly higher Tuesday on mild buying interest, with support from e-CBOT and some cues from crude oil, said trade participants.

The benchmark November contract on the Bursa Malaysia Derivatives ended MYR8 higher at MYR2,628 a metric ton after hitting an intraday high of MYR2,636.

BMD Crude Palm Oil (CPO) prices are likely to remain steady around current levels during the week due to a lack of fresh fundamental leads, tepid trade in other commodities and upcoming holidays, said an executive at a Singapore-based commodities brokerage. Traders also want to look at soyoil price trends on CBOT tonight before making investment decisions, he added.

Most traders put immediate resistance at MYR2,630/ton.
Traders expect prices to mostly move within the current range of MYR2,600- MYR2,630/ton until next week, due to thin trade participation.

In the cash market, palm olein for delivery in October traded at $915/ton and for November and December at $872.5/ton, free on board Malaysian ports. Cargoes for April/May/June changed hands at $865-$870/ton, FOB, said a Singapore-based exporter.

Open interest on the BMD was 65,404 lots, versus 67,081 lots Monday. One lot is equivalent to 25 tons.

A total of 18,489 lots of CPO were traded versus 14,090 lots Monday.

HAPPY TRADING