By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, March 10 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on weaker export pace, said palm oil trader David Ng.
He said the higher-than-expected stocks level in the country and weak soya bean oil prices also contributed to the price decline.
“We see prices supported at RM4,450 per tonne and resistance at RM4,700 per tonne,” Ng told Bernama.
Earlier today, the Malaysian Palm Oil Board (MPOB) reported that Malaysia’s palm oil exports in February 2025 eased by 16.27 per cent to one million tonnes from 1.19 million tonnes in January 2025.
In its February 2025 industry performance report, MPOB said CPO production for the month fell by 4.16 per cent, or 51,516 tonnes, to 1.18 million tonnes from 1.23 million tonnes in the previous month.
In terms of stock, the board reported that CPO stocks increased by 4.66 per cent to 826,248 tonnes in February against 789,435 tonnes in January.
At the close, the March 2025 contract fell by RM94 to RM4,776 per tonne, April 2025 slipped RM108 to RM4,616 per tonne, and May 2025 decreased RM126 to RM4,499 per tonne.
Meanwhile, June 2025 contract declined RM124 to RM4,382, July 2025 dropped RM111 to RM4,278, and August 2025 shed RM94 to RM4,215 per tonne.
Trading volume declined to 95,316 lots from 131,478 lots last Friday, while open interest expanded to 244,496 contracts from 242,153 contracts previously.
The physical CPO price for March South eased RM50 to RM4,850 per tonne.
-- BERNAMA
