Cpo Futures Fall As Weaker Demand, Rising Output Weigh On Prices
21/11/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday, pressured by expectations of weaker domestic demand, according to market sources.
Palm oil dealer David Ng said demand typically weakens towards the year-end due to seasonal patterns.
"The rising CPO output in Indonesia also weighed down the prices in Malaysia.
"We see support at RM4,650 and resistance at RM4,900," he told Bernama.
At the close, the new spot-month December 2024 contract and the December contract both dropped by RM35 each, to RM4,891 and RM4,828 per tonne, respectively.
The February 2025 contract fell by RM43 to RM4,772, while March 2025 contract lost RM51, settling at RM4,678 per tonne.
Meanwhile, April 2025 contract slipped RM48 to RM4,581, and the May 2025 contract decreased RM43 to RM4,483.
Trading volume rose to 145,908 lots from 92,644 on Wednesday, while open interest edged up to 244,234 contracts from 244,155 previously.
The physical CPO price for December South dropped by RM60 to RM5,000 per tonne.
-- BERNAMA