By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Aug 5 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives slipped on Monday, driven by bearish global sentiment and a sell-off in the equities market, said palm oil trader David Ng.
Ng also said concerns over weak demand due to the ringgit’s strength are pressuring the CPO market.
“We see the next price support at RM3,700 and resistance around RM3,870,” he told Bernama.
Ng added that this is the lowest level in five months.
At the close, the spot month August 2024 contract fell by RM91 to RM3,930 per tonne, and the September 2024 and December 2024 contracts slipped by RM121 to RM3,851 and RM3,738 per tonne, respectively.
The October 2024 and November 2024 contracts shed RM130 to RM3,787 and RM3,751 per tonne, respectively, while the January 2024 contract dipped RM112 to RM3,736 per tonne.
Total volume decreased to 92,091 lots from Friday’s 99,595 lots, while open interest increased to 220,250 contracts from 218,654 contracts previously.
The physical CPO price for August South decreased by RM50 to RM4,000 per tonne.
-- BERNAMA
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