By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Oct 8 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a two-day winning streak to end lower today due to the impact of lower crude oil and soybean oil prices, said palm oil trader David Ng.
He said that the recent price rally also attracted profit-taking opportunities.
“We see support at RM4,200 and resistance at RM4,340,” Ng told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures were trading lower today due to profit-taking following similar trends observed in crude oil and Chicago Board of Trade (CBOT) soybean oil futures.
“Palm oil prices took a breather today after relentlessly trading higher for the last few days and became the most premium oil against the competing soybean oil and sunflower oil.
“The prices also cooled down ahead of the data release by the Malaysian Palm Oil Board later this week,” he said.
At the close, the spot month October 2024 contract edged down RM51 to RM4,349 per tonne, November 2024 fell RM73 to RM4,316, December 2024 decreased RM72 to RM4,271, January 2025 eased RM68 to RM4,226, February 2025 slid RM55 to RM4,183, and March 2025 went down RM39 to RM4,139.
Trading volume improved to 111,187 lots from 60,148 yesterday, while open interest advanced to 250,764 contracts from 249,585 previously.
The physical CPO price for October South was RM30 lower at RM4,400 per tonne.
-- BERNAMA
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