By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Feb 18 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Tuesday, taking the cue from weaker related vegetable oils and a lack of fresh fundamental data, an analyst said.
Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa noted that CPO prices were also pressured by profit-taking following two days of gains.
“Traders were also assessing improving signs of February production and a softening of exports,” he told Bernama.
Meanwhile, palm oil trader David Ng said CPO futures ended lower, tracking the weakness in soybean oil and Dalian palm olein markets.
“Sentiment was also weighed down by the expectation of higher output in the coming weeks, which could lead to a rise in overall inventory in the country.
“We see support at RM4,480 per tonne and resistance at RM4,620 per tonne,” Ng said.
At the close, the March 2025 contract decreased by RM48 to RM4,694 per tonne, April 2025 was down by RM46 to RM4,586 per tonne, and May 2025 declined by RM38 to RM4,504 per tonne.
June 2025 slipped RM37 to RM4,412 per tonne, while July 2025 reduced RM40 to RM4,325 per tonne and August 2025 dropped RM41 to RM4,263 per tonne.
Trading volume increased to 78,378 lots from 77,429 lots on Monday, while open interest rose to 237,913 contracts from 232,195 previously.
The physical CPO price for February South dipped RM130 to RM4,720 per tonne.
-- BERNAMA
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