CPO FUTURES CLOSE HIGHER ON LOWER STOCKPILE PREDICTION

ZARUL EFFENDI RAZALI

KUALA LUMPUR, Nov 22 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from yesterday's loss to end the week higher, following renewed buying interest on the expectation of a lower stockpile, a dealer said.

He said that the market had also reacted well to the news that the palm oil industry is set to see a fruitful 2020 as various efforts undertaken by the government, its agencies and stakeholders which are centered on sustainability begin to show results.

At the close, the CPO futures contract for December 2019 was RM70 higher at RM2,642 per tonne, January 2020 added RM87 to RM2,710 per tonne, February 2020 gained RM81 to RM2,748 per tonne and March 2020 went up RM72 to RM2,760 per tonne.

Volume narrowed to 62,639 lots from 66,172 lots on Thursday, while open interest went up to 285,461 contracts from 283,582 contracts previously.

On the physical market, November South was up RM60 at RM2,670 per tonne. 

-- BERNAMA