CPO FUTURES DROP ON WEAKER SOYBEAN OIL, CRUDE OIL PRICES

KUALA LUMPUR, Dec 16 (Bernama) – The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Monday, taking its cue from the weaker soybean oil prices, said palm oil trader David Ng.

He also noted that the lower crude oil prices added pressure on CPO prices.

"We see support at RM4,700 per tonne and resistance at RM5,000 per tonne," he told Bernama.

At the time of writing, the Brent crude oil price decreased by 0.75 per cent to US$73.94 per barrel. 

At the close, the January 2025 contract fell by RM94 to RM4,900 per tonne, February 2025 dropped by RM81 to RM4,825 per tonne, and March 2025 declined by RM58 to RM4,758 per tonne.  

April 2025 slipped RM45 to RM4,644 per tonne, May 2025 decreased RM38 to RM4,524, and June 2025 shrank by RM34 to RM4,418.  

Trading volume decreased to 98,575 lots from 101,852 lots last Friday, while open interest increased to 250,062 contracts from 241,421 previously.  

The physical CPO price for January South dropped RM100 to RM5,100 per tonne.  

-- BERNAMA