BUSINESS

CPO FUTURES ENDS HIGHER ON WEAKER RINGGIT, SOYBEAN GAINS

18/10/2019 07:52 PM

Exclusive report by Niam Seet Wei

KUALA LUMPUR, Oct 18  -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended the week higher today, lifted by a depreciating Ringgit versus the US Dollar amid gains in the overnight soybean futures market.

A dealer said the Ringgit, which closed lower at 4.1850/1880 against the greenback from Thursday's close of 4.1780/1830, made the local commodity more attractive to international traders.

Meanwhile, he said the local CPO prices was tracking the firmer overnight soybean futures which ended 3.5 cents higher at US$9.31 a bushel on the Chicago Board of Trade.

"CPO prices are usually influenced by soybean oil futures, as both edible oils compete for a share of the global vegetable oil market," he said.

At the close, CPO futures for November 2019 added RM16 to RM2,208 per tonne, December 2019 improved RM25 to RM2,246 per tonne, January 2020 was RM26 higher at RM2,287 per tonne and February 2020 jumped RM28 to RM2,328 per tonne.

Volume, however, declined to 44,490 lots from 47,467 lots on Thursday and open interest narrowed to 239,342 contracts from 242,717 contracts yesterday.

On the physical market, October South was down by RM74 to RM2,106 per tonne. 

-- BERNAMA  


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