CPO Futures End Lower On Weaker Soybean Oil, Stronger Ringgit
By K. Naveen Prabu
KUALA LUMPUR, Jan 30 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower today, due to weakness in the Chicago soybean oil market, a dealer said.
Proprietary trader David Ng of Iceberg X Sdn Bhd said a stronger ringgit also dampened market sentiment.
“We see (CPO) supported at above RM4,200 a tonne with resistance at RM4,350 a tonne,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil futures declined on weekend profit-taking after rising sharply earlier in the week to a three-month high.
“The most active April contract gained RM143 from Monday’s opening, or 3.43 per cent, up to Thursday, driven by short-term fundamentals of higher exports and lower production,” he said.
At the close, the February 2026 contract fell RM60 to RM4,160 per tonne, March 2026 slipped RM89 to RM4,209 per tonne, and April 2026 declined RM88 to RM4,229 per tonne.
The May 2026 contract eased RM84 to RM4,228 per tonne, June 2026 dropped RM79 to RM4,213 per tonne, and July 2026 shed RM72 to RM4,194 per tonne.
Trading volume decreased to 84,668 lots from 97,561 on Thursday, while open interest went up to 220,712 contracts from 218,191 previously.
The physical CPO price for February South decreased RM40 to RM4,200 per tonne.
-- BERNAMA