By Abdul Hamid A Rahman
KUALA LUMPUR, Aug 13 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today, tracking the decline in soybean oil prices particularly on the Chicago Board of Trade (CBOT), according to palm oil trader David Ng.
He said that ongoing concerns about weak export performance also weighed on the CPO prices.
"We see support at RM3,600 per tonne, a level where buying interest is anticipated to emerge, potentially halting further declines and providing a floor for the market.
“Conversely, resistance is at RM3,850 per tonne, a level where selling pressure is expected to increase, potentially capping gains and serving as a barrier for further price increases," he added.
At the close, the spot month August 2024 contract gained RM10 to RM3,840 a tonne, September 2024 slid by RM19 to RM3,760 a tonne, and October 2024 decreased by RM18 to RM3,690 a tonne.
November 2024 eased by RM14 to RM3,662 a tonne, December 2024 dipped RM12 to RM3,657 a tonne, and January 2025 fell by RM16 to RM3,665 a tonne.
Total volume increased to 55,188 lots from 53,784 lots on Monday while open interest edged up to 222,205 contracts from 222,038 contracts previously.
The physical CPO price for August South was RM20 higher at RM3,900 per tonne.
-- BERNAMA
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