CPO Futures End Lower Amid Weaker Soybean Futures

By Danni Haizal Danial Donald

KUALA LUMPUR, Oct 17 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower on Thursday due to weakness in Chicago Board of Trade soybean oil futures, palm oil trader David Ng said.

“We see support at RM4,200 a tonne and resistance at RM4,350 a tonne,” he told Bernama. 

Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the European Union's (EU) decision to postpone the EU Deforestation Regulation’s (EUDR) implementation by one year has created a slightly bearish sentiment for Malaysian palm oil.

He said Malaysian palm oil export for the first half of October is seen higher by double digits, while South Peninsular Palm Oil Millers Association (SPPOMA) data shows that south peninsula mills’ palm oil production was down by 7.6 per cent on a month-on-month basis.

“Malaysia has also kept its palm oil export tax unchanged at eight per cent for November from October while revising the reference price to RM3,949.73 per tonne, up from RM3,839.10 in October,” he said. 

At the close today, spot month November 2024 decreased RM30 to RM4,342 per tonne, December 2024 fell RM36 to RM4,299 per tonne, and January 2025 slid RM33 to RM4,278 per tonne.

February 2025 declined RM35 to RM4,243 per tonne, March 2025 lost RM33 to RM4,207 per tonne, and April 2025 reduced RM33 to RM4,167 per tonne.

Trading volume shrank to 100,646 lots from 118,488 lots yesterday, while open interest grew to 261,981 contracts from 250,999 previously.

The physical CPO price for October South fell RM50 to RM4,380 per tonne.

-- BERNAMA