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MARKET • 12/11/2024 09:35 PM

CPO Futures Close Lower On Weaker Export Pace, Snapping Four-day Winning Streak

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Nov 12 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a four-day winning streak to end lower today as a weaker export pace weighed on prices, said a dealer.

Palm oil trader David Ng said the market sentiment was also influenced by the lower Chicago Board of Trade soybean oil future prices during Asian trading hour. “We see support at RM5,000 and resistance at RM5,200 a tonne,” he told Bernama.

At the close, the spot month November 2024 contract lost RM46 to RM5,224 per tonne, December 2024 lost RM157 to RM5,076 and January 2025 slid RM170 to RM5,026.

The February 2025 note declined by RM177 to RM4,960 per tonne, March 2025 fell by RM176 to RM4,853, and April 2025 eased by RM176 to RM4,727.

Trading volume jumped to 131,965 lots from 79,094 lots on Monday, while open interest edged up to 239,980 contracts from 238,158 previously.

The physical CPO price for November South narrowed by RM80 to RM5,200 per tonne.

-- BERNAMA

 

 


 

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