CPO Futures Close Lower Amid Weaker Demand Concerns
18/11/2024 (Bernama), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday following a recent price rally due to concerns about weak demand in the coming weeks, a dealer said.
Palm oil dealer David Ng said lower soybean oil prices on the Chicago Board of Trade (CBOT) contributed to the decline in CPO prices.
"We see support at RM4,830 and resistance at RM5,000," he told Bernama.
At the close, the spot month December 2024 contract lost RM148 to RM4,971 per tonne, January 2025 decreased by RM161 to RM4,927, and February 2025 reduced by RM154 to RM4,899 per tonne.
The March 2025 contract fell by RM141 to RM4,811 a tonne, April 2025 declined by RM127 to RM4,703 and May 2025 reduced by RM119 to RM4,579.
Trading volume shrunk to 102,222 lots from 112,146 on Friday, but open interest surged to 253,787 contracts from 253,114 previously.
The physical CPO price for November South dropped by RM90 to RM5,080 per tonne.
-- BERNAMA