CPO FUTURES CLOSE LOWER ON WEAKER DEMAND
11/12/2024 (Bernama), Kuala Lumpur – The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Wednesday, weighed by weaker demand, a trader said.
Palm oil trader David Ng said the recent CPO rally also shifted buying momentum to other vegetable oils high palm oil prices deter purchase interest.
“We see support at RM4,800 per tonne and resistance at RM5,050 per tonne,” he told Bernama.
Meanwhile, Fastmarket Palm Oil Analytics senior analyst Sathis Varga said CPO futures Extended their losses in the afternoon trading session as the sell-off pace intensified.
He added that with December being a low production season amid rains and floods still hampering output, current supply will remain a dominant factor in CPO futures pricing.
At the close, the spot month December 2024 contract eases RM52 to RM5,113 per tonne, January 2025 fell by RM117 to RM4,954 a tonne, and February 2025 slid by RM95 to RM4,856 per tonne.
March 2025 contract decreased RM79 t0 RM4,737 per tonne, April 2025 slipped RM55 to RM4,605 and May 2025 eased RM24 to RM4,488 per tonne.
Trading volume jumped to 120,030 lots from 11,184 lots yesterday while open interest declined to 238,514 contracts 241,199.
The physical CPO price for December South fell by RM70 to RM5,250 per tonne.