CPO Futures End Mixed As Market Consolidates After MPOB Data Release
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Nov 10 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended mixed on Tuesday, recovering from two weeks of heavy selling amid signs of market consolidation following the release of the Malaysian Palm Oil Board’s (MPOB) October data.
Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa told Bernama that the market staged a moderate recovery in the second half of the trading session, supported by a lower-than-expected increase in palm oil stocks in October, according to MPOB data.
According to MPOB, Malaysia’s total palm oil stocks rose by 110,610 tonnes, or 3.15 per cent, to 3.62 million tonnes in October this year from 3.51 million tonnes a month earlier.
Citing reports by Intertek Testing Services, Sathia said Malaysia's palm oil exports declined 1.89 per cent to 515,157 tonnes in the first 10 days of November from 525,071 tonnes in the corresponding period in October.
Iceberg X Sdn Bhd proprietary trader David Ng also said palm oil futures reversed earlier losses to close marginally higher, supported by a smaller-than-expected increase in inventories.
“We see immediate support around RM4,200 per tonne and resistance at RM4,300, with stronger-than-expected October exports providing some support to market sentiment,” he said.
At the close, the November 2026 and December 2026 contracts both eased RM9 to RM4,040 per tonne and RM4,138 per tonne, respectively, while the January 2027 contract slipped RM2 to RM4,256 per tonne.
The February 2027 contract rose RM6 to RM4,362, the March 2027 contract added RM14 to RM4,451 per tonne, and the April 2027 contract inched up RM20 to RM4,517 per tonne.
Trading volume strengthened to 153,954 lots from 131,922 lots on Friday, while open interest increased to 334,827 contracts from 332,934 contracts previously.
The physical CPO price for November South shed RM20 to RM4,080 per tonne.
Bursa Malaysia and its subsidiaries were closed on Monday, Nov 9, for the Deepavali replacement holiday.
-- BERNAMA