By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 15 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday, tracking the weakness in the soybean oil market, said palm oil trader David Ng.
He said concerns over the rising CPO output also add pressure to the market.
"We see support at RM3,850 and resistance at RM3,980," he told Bernama.
At the close, the spot month July 2024 contract remained unchanged at RM3,980 a tonne, August 2024 eased RM27 to RM3,921 a tonne, and September 2024 dropped RM20 to RM3,895 a tonne.
October 2024 slid RM18 to RM3,874 a tonne, November 2024 shed RM19 to RM3,865 a tonne and December 2024 dipped RM20 to RM3,871 a tonne.
Total volume decreased to 50,012 lots from Friday’s 62,285 lots while open interest expanded to 223,188 contracts from 221,682 contracts previously.
The physical CPO price for July South was RM30 lower at RM4,000 per tonne.
-- BERNAMA
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