By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Nov 20 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Wednesday following concerns over an expectation of weaker demand in the coming weeks, which might raise the overall stock level in the country, said a dealer.
Palm oil dealer David Ng said demand tends to be weaker towards the end of the year based on seasonal patterns.
He said lower soybean oil prices on the Chicago Board of Trade (CBOT) also added downward pressure on prices.
“We see support at RM4,750 and resistance at RM4,950,” Ng told Bernama.
At the close, the new spot month December 2024 contract was RM90 lower to RM4,926 a tonne, the January 2025 contract lost RM98 to RM4,863, and the February 2025 contract fell by RM109 to RM4,815.
The March 2025 contract was down RM108 to RM4,729 a tonne, April 2025 slipped RM105 to RM4,629, and May 2025 fell RM94 to RM4,526.
Trading volume fell to 92,644 lots from 96,083 on Tuesday, while open interest dropped to 244,155 contracts from 252,020 previously.
The physical CPO price for December South slid by RM20 to RM5,060 per tonne.
-- BERNAMA
