By K. Naveen Prabu
KUALA LUMPUR, March 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower today, weighed down by weaker soybean oil price, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said the decline in soybean oil price exerts pressure on palm oil, as both commodities compete in the global edible oil market.
“We see CPO prices supported above RM4,500, with resistance at RM4,680 per tonne,” he told Bernama.
At the close, the April 2026 contract fell RM77 to RM4,503 per tonne, May 2026 declined RM77 to RM4,542 per tonne, and June 2026 slipped RM74 to RM4,537 per tonne.
The July 2026 contract dropped RM68 to RM4,512 per tonne and August 2026 eased RM60 to RM4,482 per tonne, while September 2026 slid RM53 to RM4,451 per tonne.
Trading volume decreased to 65,523 lots from 136,763 last Thursday, while open interest went down to 233,457 contracts from 237,306 contracts previously.
The physical CPO price for April South decreased RM60 to RM4,540 per tonne.
-- BERNAMA
