KUALA LUMPUR (July 15): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives settled mostly higher on Friday when a recent sharp decline in prices attracted buying interest, said palm oil trader David Ng.
He, however, said the upside was capped by Malaysia's lower export performance and higher stockpiles in Indonesia.
"We expect CPO to trade between RM3,400 and RM3,800 a tonne," he told Bernama.
At the close, CPO futures contracts for spot month July 2022 fell RM11 to RM3,632 a tonne, August 2022 rose RM28 to RM3,560 a tonne, September 2022 increased RM17 to RM3,585 a tonne and October 2022 added RM10 to RM3,630 a tonne.
November 2022 decreased RM2 to RM3,678 a tonne while December 2022 gained RM1 to RM3,747 a tonne.
Total volume shrank to 13,336 lots on Fridayday from 109,331 lots on Thursday, while open interest dropped to 222,879 contracts from 303,383 contracts previously.
The physical CPO price for July South fell by RM100 to RM3,800 a tonne from Thursday's RM3,900 a tonne.
Source: The Edge Market
