By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Feb 20 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday.
Palm oil trader David Ng told Bernama that this was due to weaker export estimates and profit-taking activities following a recent price rally.
“We see support at RM4,550 per tonne and resistance at RM4,750 per tonne,” he said.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani noted that the low CPO futures were attributed to a selloff in Chicago Board of Trade (CBOT) soybean oil and South American crude degummed soybean oil (CDSBO) overnight.
“The market also gave up some of the gains made on Wednesday when the CPO futures rose sharply amid intense market speculation that Indonesia might ban or restrict palm oil exports ahead of Ramadan,” he said.
At the close, the March 2025 contract was reduced by RM32 to RM4,816 per tonne, April 2025 fell by RM21 to RM4,736 per tonne, and May 2025 declined by RM30 to RM4,642 per tonne.
June 2025 dropped RM34 to RM4,530 per tonne, while July 2025 dipped by RM36 to RM4,427 per tonne and August 2025 was lower by RM37 to RM4,357 per tonne.
Trading volume decreased to 69,725 lots from 112,708 lots on Wednesday, while open interest slipped to 239,575 contracts from 242,406 previously.
The physical CPO price for March South remained unchanged at RM4,880 per tonne.
-- BERNAMA
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