KUALA LUMPUR (Dec 29): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives (BMD) ended slightly higher on Thursday despite the weakness in commodities futures prices.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures bucked the trend despite the lower Chicago Board of Trade’s (CBOT) soy oil futures and crude oil futures overnight and weakness in Dalian Commodity Exchange RBD Palm olein futures in Asian hours on Thursday.
Oil prices dropped on Thursday as surging Covid-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second biggest oil consumer.
At the time of writing, WTI crude oil lost 1.42% and traded at US$77.84 per barrel, while Brent crude oil was 1.27% lower at US$82.20 per barrel.
At the close, January 2023 advanced RM9 to RM4,078 per tonne, February 2023 gained RM5 to RM4,083 per tonne, March 2023 and May 2023 were RM3 better at RM4,090 per tonne and RM4,065 per tonne respectively, April 2023 and June 2023 edged up RM4 each to RM4,083 per tonne and RM4,059 per tonne respectively.
Total volume was reduced to 31,639 lots from 38,728 lots on Wednesday and open interest declined to 230,459 contracts from 237,720 contracts.
Physical CPO price for January South stood at RM4,100 per tonne.
Sumber: The Edge Markets