By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Nov 14 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday, reversing a significant portion of the gains achieved in previous days, a trader said.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said market sentiment was also influenced by a sell-off in soybean oil futures on the Chicago Board of Trade (CBOT) and weaker Chinese vegetable oil futures.
Meanwhile, palm oil trader David Ng said profit-taking activities might be the factor dragging CPO futures to close lower today amid weakness in the CBOT soybean oil market.
“We see support at RM4,900 a tonne and resistance at RM5,080 a tonne,” he told Bernama.
At the close, the spot month November 2024 contract lost RM34 to RM5,151 per tonne, December 2024 decreased by RM34 to RM5,003 per tonne, and January 2025 slid by RM23 to RM4,964 per tonne.
The February 2025, March 2025 and April 2025 notes fell by RM9 to RM4,922, RM4,828, and RM4,713 a tonne, respectively.
Trading volume narrowed to 135,018 lots from 166,266 on Wednesday, while open interest declined to 247,747 contracts from 396,466 previously.
The physical CPO price for November South narrowed by RM100 to RM5,100 per tonne.
-- BERNAMA
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