By Fatin Umairah Abdul Hamid
KUALA LUMPUR, June 18 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Tuesday due to concerns over weaker demand and rising output in the coming weeks, said palm oil trader David Ng.
He told Bernama that the CPO prices are supported at RM3,800 a tonne and resistance at RM3,950 a tonne.
At the close, the spot month for July 2024 slid by RM24 to RM3,937 a tonne, the August 2024 contract decreased by RM36 to RM3,910 a tonne, while the September 2024 and October 2024 contracts declined by RM45 to RM3,883 and RM3,866 a tonne, respectively.
The contract for November 2024 fell by RM49 to RM3,862 a tonne and the December 2024 contract dropped by RM47 to RM3,877 a tonne.
Total volume decreased to 81,421 lots from Friday’s 91,048 lots, while open interest rose to 229,789 contracts from 229,646 contracts previously.
The physical CPO price for June South was RM30 lower at RM3,970 per tonne.
-- BERNAMA
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