CPO futures close mostly lower on profit-taking after rally
03/10/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed mostly lower on Thursday, driven by profit-taking following a recent price rally.
Palm oil trader David Ng said that the weakness in the soybean oil market during Asian trading hours also dampened sentiment.
“We see support at RM3,900 per tonne and resistance at RM4,200 per tonne,” he told Bernama.
At the close, the spot-month October 2024 contract fell RM38 to RM4,267 per tonne, while November 2024 and benchmark December 2024 declined RM14 each to RM4,232 and RM4,182 per tonne, respectively. January 2025 edged down RM7 to RM4,133.
Meanwhile, February 2025 rose RM1 to RM4,084 per tonne, with March 2025 marginally higher by RM8 to RM4,036 per tonne.
Trading volume fell to 99,355 lots from 119,000 on Wednesday, while open interest decreased to 258,051 contracts from 262,414.
The physical CPO price for October South slipped RM20 to RM4,300 per tonne.