By Danni Haizal Danial Donald
KUALA LUMPUR, Sept 17 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower for the third consecutive trading day, mainly driven by India imposing higher import tax on edible oils, according to a trader.
Palm oil trader David Ng said market sentiment was also influenced by the stronger ringgit against the US dollar.
“We see support at RM3,700 and resistance at RM3,820,” he told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures saw a slight decline following a steady South American soybean oil free-on-board markets and a recovery in Black Sea sunflower oil prices.
He noted that Intertek Testing Services’ estimation for Malaysian palm oil export rose 9.1 per cent for Sept 1-15, while AmSpec Agri Malaysia’s estimation was also up by 10.2 per cent for the same period.
At the close, the spot month October 2024 was RM62 lower to RM3,847, and November 2024 dropped by RM48 to RM3,766 and benchmark December 2024 declined RM39 to RM3,736 per tonne.
January 2025 slid by RM39 to RM3,715, February 2025 lost RM41 to RM3,702 and March 2025 reduced by RM36 to RM3,698.
Volume declined to 77,497 lots from 121,661 lots on Friday, while open interest fell to 255,163 contracts from 259,519 previously.
The physical CPO price for October South dropped by RM60 to RM3,950 per tonne.
-- BERNAMA
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