Lowest 28.5 ... now rebound in progress ... 29.5 All the pouring out of bad news on Palm oil is one sided ... so FGV shareholders will accept low prices for them to take it private ..,
KUALA LUMPUR, Jan 26 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today after erasing losses at the last minute on buying interest.
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market was on volatile trading as slight improvement in production and higher soybean oil on Dalian Commodity Exchange was overshadowed by weak January export.
Meanwhile, palm oil trader David Ng said uptrend in the domestic market was also in sync with the performance of the Chicago soybean oil market during Asian hours.
“We locate support at RM3,180 and resistance at RM3,350,” he told Bernama.
At the close, the CPO futures contract for February 2021 gained RM56 to RM3,606 per tonne, March 2021 went up RM28 to RM3,424 per tonne, April 2021 added RM24 to RM3,266 per tonne, and May 2021 was RM18 higher at RM3,170 per tonne.
Total volume surged to 74,329 lots from 56,453 lots on Monday, while open interest widened to 245,155 contracts from 229,292 contracts previously.
The physical CPO price for February South rose RM30 to RM3,650 per tonne.
Rally in soyoil market propels CPO futures to strong close Bernama / Bernama
January 27, 2021 20:24 pm +08
Rally in soyoil market propels CPO futures to strong close -A+A KUALA LUMPUR (Jan 27): Bargain buying and rally in the soyoil market propelled the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives to its best single day rise in 15 days.
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said soyoil prices on both the Dalian Commodity Exchange and Chicago Board of Trade were on strong uptrends.
Meanwhile, palm oil trader David Ng said the gains in soyoil market may be due to strong demand from China as well as port strikes in Brazil.
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READ MORE “Higher soybean oil prices are making CPO more competitive in the export market.
“We locate support at RM3,280 and resistance at RM3,450,” he told Bernama.
At the close, the CPO futures contract for February 2021 gained RM169 to RM3,775 per tonne, March 2021 went up RM128 to RM3,552 per tonne, April 2021 added RM122 to RM3,388 per tonne, and May 2021 was RM119 higher at RM3,289 per tonne.
Total volume rose to 76,265 lots from 74,329 lots on Tuesday, while open interest widened to 250,426 contracts from 245,155 contracts previously.
The physical CPO price for February South increased RM150 to RM3,800 per tonne.
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Posted by Tanhboon > 2021-01-27 20:21 | Report Abuse
Lowest 28.5 ... now rebound in progress ... 29.5
All the pouring out of bad news on Palm oil is one sided ... so FGV shareholders will accept low prices for them to take it private ..,