Cpo Futures End Lower For Two Consecutive Days

By Zufazlin Baharuddin

KUALA LUMPUR, May 30 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower for two consecutive days tracking weakness in the soybean oil futures on the Chicago Board of Trade (CBOT).

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures were also pressured by expectations of rising palm oil production of between 30 per cent and 32 per cent at both Malaysia and Indonesia on a month-on-month basis from a low base in April due to the Ramadan holidays. 

“Malaysian palm oil export is likely to be unchanged in May although it may be slightly lower from the previous month, resulting in an increase in Malaysian palm oil stocks at end-May,” he told Bernama.

At the close, June 2023 contract decreased RM155 to RM3,430 a tonne, July 2023 was down RM151 to RM3,437 a tonne and August 2023 slipped RM143 to RM3,403 a tonne.

September 2023 contract dropped RM137 to RM3,402 a tonne, October 2023 declined RM133 to RM3,410 a tonne and November 2023 fell RM131 to RM3,418 a tonne.

Total volume rose to 66,292 lots from 35,395 lots on Monday while open interest increased to 258,949 contracts from 229,058 previously.

The physical CPO price for June South decreased RM120 to RM3,500 a tonne.

-- BERNAMA