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MARKET • 20/12/2024 09:33 PM

CPO Market Declines For Fifth Day Amid Weak Exports, Soybean Oil Pressure

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Dec 20 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives extended their decline for the fifth consecutive day, pressured by concerns over weak exports, said palm oil trader David Ng.

Ng added that falling soybean oil prices were also contributing to the downward pressure on CPO prices.

“We see support at RM4,350 per tonne and resistance at RM4,600 per tonne,” he told Bernama.  

At the close, the January 2025 contract was well supported, bucking the trend with a gain of RM10 to settle at RM4,762 per tonne.

However, other contracts saw a broad decline: the February 2025 contract dropped RM65 to RM4,571 per tonne, the March 2025 contract fell RM75 to RM4,433 per tonne, and the April 2025 contract declined RM81 to RM4,303 per tonne.

May 2025 slipped RM72 to RM4,207 per tonne, while June 2025 lost RM50 to RM4,141 per tonne.

Trading volume fell to 116,508 lots from 157,030 lots on the previous day, while open interest eased to 244,206 contracts from 251,239.  

The physical CPO price for January South was unchanged at RM4,900 per tonne.

-- BERNAMA

 

 


 

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