By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, March 18 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Wednesday, weighed by recent declining crude oil prices and weaker Chicago Board of Trade (CBOT) soybean oil, amid easing worries over oil supply in West Asia.
Iceberg X Sdn Bhd proprietary trader David Ng said reports indicating that tankers have been allowed to cross the Strait of Hormuz have contributed to the recent drop in crude oil prices.
“This development has eased crude oil prices, which in turn pressured palm oil prices, as palm oil is widely used as a biofuel feedstock. We see support at RM4,480 per tonne and resistance at RM4,600 per tonne,” he told Bernama.
At the close, the April 2026 contract dropped RM40 to RM4,502 per tonne, May 2026 eased RM54 to RM4,534, while June 2026 edged down RM53 to RM4,528.
The July 2026 note slipped RM47 to RM4,500 per tonne, the August 2026 contract slid RM44 to RM4,464, while the September 2026 contract declined RM46 to RM4,425.
Trading volume rose to 109,385 lots from 102,525 on Tuesday, while open interest fell to 232,042 contracts from 234,227 contracts previously.
The physical CPO price for April South dropped RM50 to RM4,530 per tonne.
-- BERNAMA
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