KUALA LUMPUR (Nov 9): Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower on Tuesday (Nov 9), tracking the weakness in the Chicago Board of Trade (CBOT) soybean oil market.

Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa said sentiment was weighed down by the expectation of flat production, ahead of the Malaysia Palm Oil Board (MPOB) data due on Wednesday (Nov 10).

“CPO futures extended losses as traders offloaded in the face of risk ahead of the MPOB data due tomorrow (Wednesday, Nov 10),” he told Bernama.

At the close, the CPO futures contract for November 2021 was down by RM69 to RM5,260 a tonne and December 2021 decreased RM81 to RM5,044 a tonne.

Meanwhile, January 2022 lost RM103 to RM4,792 a tonne, February 2022 declined RM120 to RM4,606 a tonne, March 2022 eased RM135 to RM4,437 a tonne and April 2022 was narrowed to RM142 to RM4,290 a tonne.

Total volume rose to 89,977 lots from 49,748 lots on Monday (Nov 8), while open interest added to 283,677 contracts from 240,564 contracts previously.

The physical CPO price for November South dropped RM60 to RM5,300 a tonne.

Sumber: The Edge Markets