SAWIT: CPO futures retreat to settle lower on weaker demand
KUALA LUMPUR (Dec 15): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed two days’ gains to settle lower on Thursday as concern over weaker demand continues to pressure sentiment in the market, said palm oil trader David Ng.
He said the easier performance was also influenced by the overnight losses in the Chicago soybean oil market.
“We locate support at RM3,500 per tonne and resistance at RM4,200 per tonne,” he told Bernama.
At the close, December 2022 was unchanged at RM3,885 per tonne, January 2023 fell RM68 to RM3,841 per tonne, while February 2023 eased RM72 to RM3,878 per tonne.
March 2023 decreased by RM74 to RM3,894 per tonne, April 2023 was down RM77 to RM3,887 per tonne and May 2023 declined by RM75to RM3,872 per tonne.
Total volume narrowed to 44,680 lots from 67,586 lots on Wednesday while open interest went down to 253,931 contracts from 277,549 contracts previously.
Physical CPO price for December South fell by RM10 to RM3,900 per tonne.
https://www.theedgemarkets.com/article/cpo-futures-retreat-settle-lower-weaker-demand
Sumber: The Edge Markets
