CPO Extends Losses, Tracks Weaker Crude Oil Prices

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, June 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Wednesday, tracking weakness in the crude oil market.

At the time of writing, Brent crude was down 3.14 per cent to US$74.66 per barrel.

Iceberg X Sdn Bhd proprietary trader David Ng said crude oil prices declined following easing tensions in West Asia, which weighed on sentiment in the palm oil market.

“Lower crude oil prices affected palm oil prices due to weaker demand prospects for its use as a biofuel feedstock.

“We see support at RM4,500 a tonne and resistance at RM4,700 a tonne,” he told Bernama.

At the close, the July 2026 contract declined RM25 to RM4,575 per tonne, the August 2026 contract decreased RM24 to RM4,603 per tonne, while the September 2026 and October 2026 contracts edged down RM25 to RM4,633 and RM4,659 per tonne, respectively.

The November 2026 contract lost RM22 to RM4,684 per tonne, and the December 2026 contract fell  RM24 to RM4,709 per tonne.

Trading volume decreased to 63,067 lots from 81,314 lots on Tuesday, while open interest contracted to 286,122 contracts from 289,866 previously.

The physical CPO price for July South inched down RM20 to RM4,590 per tonne.

-- BERNAMA