CPO Futures Close Lower On Weaker Soybean Oil Market
09/09/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Monday as it tracked the weakness of the soybean oil market on the Chicago Board of Trade (CBOT), according to palm oil trader David Ng.
He said the market sentiment was also affected by lower crude oil prices.
"We see support at RM3,800 and resistance at RM3,950," he told Bernama.
At the close, the September 2024 spot contract rose RM5 to RM3,985 per tonne but the October 2024 contract edged down RMI to RM3,934 while November 2024 dipped RM3 to RM3,895.
The December 2024 contract dropped RM10 to RM3,864 per tonne, January 2025 declined by RM11 to RM3,850 and February 2025 slid by RM13 to RM3,845.
Total volume fell to 57,096 lots from 59,641 last Friday, while open interest increased to 233,734 contracts compared with 232,403 previously. The physical CPO price for September South remained unchanged at RM4,030 per tonne.
-- BERNAMA