KUALA LUMPUR (Nov 29): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mixed on Monday on the expectation of stronger exports.
However, palm oil trader David Ng said external factors weighed on market sentiment as well, especially worries over the new Covid-19 variant.
The Omicron variant, first detected in southern Africa, has already spread around the world, including in Europe, North America and Asia, according to media reports.
“We locate support at RM4,800 per tonne and resistance at RM5,000 per tonne,” he told Bernama.
At the close, the CPO futures contract for December 2021 improved RM13 to RM5,282 a tonne, January 2022 added RM39 to RM5,076 a tonne, and February 2022 climbed RM8 to RM4,857 a tonne.
Meanwhile, March 2022 lost RM24 to RM4,663 a tonne, April 2022 eased RM48 to RM4,492 per tonne and May 2022 shrank RM60 to RM4,352 a tonne.
Total volume surged to 65,042 lots from 43,575 lots last Friday while open interest increased to 253,156 contracts from 238,648 contracts previously.
The physical CPO price for December South fell RM30 to RM5,350 a tonne.