CPO futures close lower due to profit taking from recent rally
30/12/2024 (The Edge Malaysia), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday, reversing earlier gains as traders booked profit amid the recent price rally, said a dealer.
Palm oil dealer David Ng said weaker seasonal export demand also weighed on demand for CPO.
“We see prices supported at RM4,550 and resistance at RM4,800,” he told Bernama.
At the close, the January 2025 contract dropped by RM50 to RM4,925 per tonne while the February 2025 contract lost RM67 to RM4,714, and March 2025 fell by RM73 to RM4,551.
The April 2025 contract was down RM67 to RM4,392 per tonne, while both May 2025 and June 2025 shed RM61 to RM4,270 and RM4,192 respectively.
Trading volume fell to 45,092 lots from 56,591 lots last Friday, while open interest depreciated to 239,837 contracts from 242,999 contracts previously.
The physical CPO price for January South decreased RM20 to RM5,030 per tonne. - Bernama