By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Dec 4 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed yesterday’s gains to end lower today in anticipation of sluggish export demand.
Palm oil dealer David Ng said this was amid concerns that slower exports outweigh the prospect of lower production amid the recent flood situation in the country.
Citing independent inspection company, AmSpec Agri Malaysia, he said Malaysian palm oil exports for Nov 1-30 fell 10.35 per cent month-on-month due to the seasonally lower demand for palm oil.
“Additionally, lower soybean oil prices during Asian hours also weigh on market sentiment. We observe support for CPO prices at RM4,950 per tonne and resistance at RM5,130 per tonne,” he told Bernama.
At the close, the spot month December 2024 contract slid by RM56 to RM5,287 per tonne, January 2025 fell by RM36 to RM5,176 per tonne, and February 2025 slipped by RM43 to RM5,032 per tonne.
March 2025 decreased RM47 to RM4,880 per tonne, April 2025 shed RM40 to RM4,730 per tonne, and May 2025 declined RM27 to RM4,595 per tonne.
Trading volume jumped to 119,811 lots from 80,392 lots yesterday, while open interest advanced to 236,748 contracts from 231,466 contracts previously.
The physical CPO price for December South dipped by RM30 to RM5,350 per tonne.
-- BERNAMA
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