By Siti Noor Afera Abu
KUALA LUMPUR, Feb 4 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives fell on Tuesday, reversing the gains made the previous day.
This dip was attributed to a weaker soybean oil market and falling oil prices.
“We see CPO price well supported at RM4,250 per tonne with resistance at RM4,400,” palm oil dealer David Ng told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the delay in implementing import tariffs on Mexico and Canada has added pressure on palm oil, as demand remains weak due to its premium pricing.
He also noted that data from the Southern Peninsular Palm Oil Millers Association indicates a 15.19 per cent decline in palm oil production in January 2025 compared to December 2024, with the market currently awaiting the release of comprehensive Malaysian palm oil production data.
Meanwhile, cargo surveyor ITS reported that January palm oil exports remained weak at 1,192,328 tonnes, reflecting a 12.30 per cent decrease.
At the close, the February 2025 contract fell RM55 to RM4,416 per tonne, March 2025 slipped RM59 to RM4,308 and April 2025 declined RM54 to RM4,227.
The May 2025 note narrowed by RM50 to RM4,168 per tonne, June 2025 shed RM55 to RM4,123 and July 2025 depreciated RM60 to RM4,094.
Trading volume decreased to 58,027 lots from 62,329 lots on Monday while open interest widened to 220,432 contracts from 219,875 previously.
The physical CPO price for February South went down by RM40 to RM4,650 per tonne.
-- BERNAMA
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