By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, June 13 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday, tracking the weaker soybean oil and Dalian palm olein prices, said palm oil trader David Ng.
He added that the expectation of rising output in the coming weeks is also putting pressure on prices.
"We see support at RM3,850 and resistance at RM4,000," he told Bernama.
At the time of writing, Brent crude oil prices fell by 0.22 per cent to US$82.34 per barrel.
At the close, both June 2024 and July 2024 contracts fell by RM28 to RM3,934 a tonne, while August 2024 slid RM27 to RM3,936 a tonne.
September 2024 and October 2024 decreased RM29 each to RM3,932 a tonne and RM3,929 a tonne, respectively, while November 2024 shed RM28 to RM3,931 a tonne.
Total volume increased to 67,837 lots from Wednesday's 63,118 lots, while open interest rose to 218,681 contracts from 216,667 contracts previously.
The physical CPO price for June South slid RM30 to RM4,000 per tonne.
-- BERNAMA
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