By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Aug 16 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Friday amid weakness in the soybean oil market, particularly on the Chicago Board of Trade (CBOT), said palm oil trader David Ng.
He said the expectations of rising production of CPO are also seen as weighing down on prices.
“We see support at RM3,600 and resistance at RM3,800,” he told Bernama.
At the close, the new spot month September 2024 contract increased RM45 to RM3,872 a tonne, while October 2024 inched down RM2 to RM3,752 a tonne and November 2024 slid RM15 to RM3,681 a tonne.
December 2024 lost RM19 to RM3,659 a tonne, January 2025 dropped RM23 to RM3,653 a tonne and new month February 2025 stood at RM3,655.
Total volume rose to 62,644 lots from Thursday's close of 60,491 lots, while open interest increased to 225,277 contracts from 225,038 contracts previously.
The physical CPO price for August South remain unchanged at RM3,920 per tonne.
-- BERNAMA
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