By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, Jan 16 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower again today on weaker soybean and crude oil prices.
Palm oil trader David Ng said sluggish export volumes also contributed to the decline.
“We see support for CPO prices at RM4,100 per tonne and resistance at RM4,350 per tonne,” he told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani, meanwhile, said China’s rapeseed oil futures which traded sharply lower also pressured prices.
Additionally, the absence of fresh demand from key destination markets, India, China and the European Union and a potential lower revision for Indonesia’s net payable combined palm oil export duties and levies in February due to a recent drop in palm oil prices could result in a severe drop in the palm oil reference price.
At the close, new contract month February 2025 declined by RM41 to RM4,471 per tonne, the March 2025 contract fell RM69 to RM4,289 per tonne, April 2025 eased RM82 to RM4,186 per tonne, May 2025 erased RM87 to RM4,099 per tonne, June 2025 dropped RM85 to RM4,051 per tonne, and July 2025 slid RM72 to RM4,036 per tonne
Trading volume decreased to 97,149 lots from 101,035 lots on Wednesday, while open interest increased to 224,569 contracts from 270,760 contracts previously.
The physical CPO price for January South was RM80 lower to RM4,680 per tonne.
-- BERNAMA
