KUALA LUMPUR, Jan 13 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended the week lower today, weighed by the stronger ringgit and lack of fresh demand, a dealer said.
At 6 pm, the ringgit strengthened to 4.3325/3375 against the greenback from yesterday’s close of 4.3570/3615.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures were trending lower on the continuation of bearish momentum, tracking lower soybean oil futures overnight on the Chicago Board of Trade (CBOT).
“Also palm oil prices are currently trading lower on lack of demand and sharply lower export data during the early period of January,” he told Bernama.
At the close, the January 2023 contract was unchanged at RM3,820 per tonne, February 2023 eased by RM64 to RM3,833 per tonne and March 2023 decreased by RM70 to RM3,841 per tonne.
The April 2023 contract was RM77 lower at RM3,845 per tonne, May 2023 weakened by RM82 to RM3,850 per tonne and June 2023 shed RM84 to RM3,845 per tonne.
Total volume rose to 66,525 lots from 54,872 lots yesterday, while open interest eased to 191,732 contracts against 193,263 contracts previously.
The physical CPO price for January South remained unchanged at RM3,900 per tonne. — Bernama