20/04/2022 (The Edge Markets), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped a three-day winning streak to close lower on Wednesday on profit-taking as well as concerns over weaker export performance, a dealer said.

Palm oil trader David Ng, however, reckoned that stronger soybean oil prices were seen supporting sentiment in the near term.

“As such, we locate support at RM6,000 and resistance at RM6,600 a tonne,” he told Bernama.

At the close, the CPO futures contract for May 2022 slid RM53 to RM6,781 a tonne, June 2022 decreased RM42 to RM6,543 a tonne, July 2022 fell RM61 to RM6,308, and August 2022 inched down RM74 to RM6,114 a tonne.

September 2022 shrank RM89 to RM5,981 a tonne and October 2022 dropped RM87 to RM5,889 a tonne.

Total volume declined to 29,120 lots from Monday’s close of 58,055 lots while open interest narrowed to 223,611 contracts from 249,820 contracts previously.

The physical CPO price for April South shed RM50 to RM6,800 a tonne.

https://www.theedgemarkets.com/article/cpo-futures-snap-threeday-winning-streak-end-lower