By Zufazlin Baharuddin
KUALA LUMPUR, Nov 25 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly higher today supported by strong export data, a dealer said.
Cargo surveyor Intertek Testing Services reported that palm oil exports for Nov 1-25, 2021 rose by 10.9 per cent to 1.34 million tonnes from 1.2 million tonnes shipped during the same period last month.
Meanwhile, independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products during the same period surge 4.45 per cent to 1.25 million tonnes from 1.2 million tonnes shipped previously.
Palm oil trader David Ng said the higher exports data, coupled with the stronger soybean oil performance on the US Chicago Board of Trade (CBOT) will likely be supportive towards CPO prices in the near term.
"We locate support at RM4,700 a tonne and resistance at RM5,050 a tonne," he told Bernama.
At the close, the CPO futures contract for December 2021 declined RM9 to RM5,335 a tonne, January 2022 remained unchanged at RM5,109 a tonne, February 2022 gained RM11 to RM4,927 a tonne, and March 2022 surge RM15 to RM4,762 a tonne.
Meanwhile, April 2022 increased by RM30 to RM4,617 per tonne and May 2022 improved by RM18 to RM4,478 a tonne.
Total volume was down to 45,265 lots from 59,712 lots on Wednesday while open interest shrank to 240,435 contracts from 256,337 contracts previously.
The physical CPO price for December South remain unchanged at RM5,380 a tonne.