CPO Futures Close Lower On Weaker Export

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Nov 13 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Wednesday, reversing recent gains as a slowdown in exports weighed on prices, a dealer said.

Palm oil trader David Ng said that the market sentiment was further dampened by weaker soybean oil futures on the Chicago Board of Trade (CBOT).

“We see support at RM4,950 and resistance at RM5,100 a tonne,” he told Bernama.

At the close, spot month November 2024, December 2024, and January 2025 decreased by RM39 to RM5,185, RM5,037 and RM4,987 a tonne, respectively. 

The February 2025 contract fell by RM29 to RM4,931 per tonne, March 2025 dipped RM16 to RM4,837, and April 2025 eased by RM5 to RM4,722 per tonne.

Trading volume jumped to 166,266 lots from 131,965 lots on Tuesday, while open interest increased to 396,466 contracts from 239,980 previously.

The physical CPO price for November South remained unchanged at RM5,200 per tonne.

-- BERNAMA