CPO Futures Ends Lower As Stronger Ringgit Curbs Palm Oil Demand
30/09/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday as stronger ringgit seemed to curb further demand for palm oil, said a dealer.
Palm oil trader David Ng said that the weakness in soybeans also weighed on the sentiment.
"We see support at RM3,900 and resistance at RM4,050," he told Bernama.
At the close, the spot month October 2024 contract dropped RM35 to RM4,124 per tonne, November 2024 contracted by RM59 to RM4,037, while the benchmark December 2024 fell by RM56 to RM3,995.
The January 2025 and February 2025 contracts fell by RM58 each to RM3,956 and RM3,921 per tonne, respectively, while March 2025 lost RM61 to RM3,884.
Volume decreased to 56,631 lots from 132,344 on Friday, while open interest was slightly lower at 256,833 contracts from 258,379 previously.
The physical CPO price for October South decreased by RM40 to RM4,170 per tonne.
-- BERNAMA