CPO futures close mostly lower in sync with weaker soybean oil prices
19/12/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended mostly lower on Thursday in line with the weaker soybean oil performance on the Chicago Board of Trade (CBOT), said palm oil trader David Ng.
However, he said, market sentiment was supported by news of Indonesia's plan to implement a higher export levy next year, as the country aims to increase its biodiesel blend to 40% (B40) starting in January 2025.
“We see support at RM4,450 per tonne and resistance at RM4,700 per tonne,” Ng told Bernama.
At the close, the January 2025 contract increased by RM52 to RM4,752 per tonne and February 2025 rose by RM17 to RM4,636 per tonne.
However, March 2025 declined by RM21 to RM4,508 per tonne, April 2025 fell RM43 to RM4,384 per tonne, May 2025 lost RM64 to RM4,279 per tonne, and June 2025 sank RM80 to RM4,191 per tonne.
Trading volume increased to 157,030 lots from 119,842 lots on Wednesday, while open interest rose to 251,239 contracts from 247,590 previously.
The physical CPO price for January South dropped by RM50 to RM4,900 per tonne.