CPO Futures Closes Mostly Lower On Profit-taking

By Zufazlin Baharuddin

KUALA LUMPUR, Oct 14 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed mostly lower today due to profit-taking, said a dealer.

Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa told Bernama a weaker ringgit flipped the CPO futures into profit-taking mode at the end of the session.

Meanwhile, palm oil trader David Ng said CPO has reversed earlier gains as weaker crude oil and soybean oil prices have weighed down on sentiment today.

“We see support at RM4,280 per tonne and resistance at RM4,400 per tonne,” he told Bernama. 

At the close today, the spot month October 2024 contract increased RM87 to RM4,370 per tonne, but November 2024 lost RM41 to RM4,344 and December 2024 slid RM32 to RM4,283.

Meanwhile, January 2025 and February 2025 eased RM30 each to RM4,248 and RM4,210, respectively.

Trading volume declined to 93,051 lots from 99,963 last Friday, while open interest shrank to 251,084 contracts from 252,079 previously.

The physical CPO price for October South slid RM30 to RM4,450 per tonne.

-- BERNAMA