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JAKARTA, investor.id – The price of Crude Palm Oil (CPO) contracts on the Bursa Malaysia Derivatives (BMD) rose again on Wednesday (20/12/2023). Thus, extending the strengthening of three consecutive days.
Based on BMD data at the close of Wednesday (20/12/2023), the CPO futures contract for January 2024 rose 18 Malaysian Ringgit to 3,719 Malaysian Ringgit per ton. The February 2024 CPO futures contract increased by 19 Malaysian Ringgit to 3,759 Malaysian Ringgit per ton.
Meanwhile, the March 2024 CPO futures contract was lifted by 23 Malaysian Ringgit to 3,778 Malaysian Ringgit per ton. The April 2024 CPO futures contract increased by 18 Malaysian Ringgit to 3,768 Malaysian Ringgit per ton. Meanwhile, the May 2024 CPO futures contract rose 15 Malaysian Ringgit to 3,746 Malaysian Ringgit per ton. The June 2024 CPO futures contract weakened 14 Malaysian Ringgit to 3,716 Malaysian Ringgit per ton.
Quoted from Bernama, CPO prices on Bursa Malaysia Derivatives closed higher for the third consecutive day on concerns over production issues in the coming weeks. Palm oil trader David Ng said stronger crude oil prices also lifted sentiment in the market.
“Hence, we see support at 3,650 Malaysian Ringgit and resistance at 3,900 Malaysian Ringgit,” he told Bernama.
However, Mumbai-based Sunvin Group’s head of commodity research Anilkumar Bagani said China’s edible oil prices weakened from their highest levels. This along with the strengthening Malaysian Ringgit has limited the rise in CPO futures prices.
Ng said that Malaysian palm oil exports for the period of December 1-20 were estimated by Intertek Testing Services (ITS) at 837,475 tons, down 8.02% compared to the period of November 1-20. “The export figure is in line with market expectations of the ITS figure of 836,180 tons,” he said.