CPO Futures Close Lower Amid Weak Export Concerns
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Jan 6 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday, as concern over weak exports continued to pressure prices, said palm oil dealer David Ng.
However, the downside is limited by the expectation of weaker production in the coming weeks, which is positive for prices, he said.
“We see support at RM4,280 and resistance at RM4,400 a tonne,” Ng told Bernama.
At the close, the January 2025 contract decreased by RM33 to RM4,690 per tonne, the February 2025 contract declined by RM28 to RM4,483 per tonne, and the March 2025 contract slid by RM30 to RM4,338 per tonne.
Meanwhile, the April 2025 contract was reduced by RM14 to RM4,233 per tonne, the May 2025 contract fell by RM2 to RM4,159 per tonne, and the June 2025 contract dropped by RM1 to RM4,111 per tonne.
Trading volume fell to 84,275 lots from 87,677 lots on Friday, while open interest decreased to 233,493 contracts from 233,618 contracts last Friday.
The physical CPO price for January South contracted by RM70 to RM4,730 per tonne.
-- BERNAMA