By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Dec 6 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower due to profit-taking activities after the recent rally in the past few days.
Palm oil dealer David Ng said weaker export performance also contributed to the sluggish prices.
Citing independent inspection company AmSpec Agri Malaysia, he said Malaysian palm oil exports for Nov 1-30 fell 10.35 per cent month-on-month due to the seasonally lower demand for palm oil.
Meanwhile, South Peninsular Palm Oil Millers Association (SPPOMA) data shows that the south peninsula mills’ palm oil production estimates for Nov 1-30 versus Oct 1-31 were down by 5.30 per cent.
“The Malaysian Palm Oil Association (MPOA) expects Malaysia’s palm oil production to decline by 10.33 per cent for the Nov 1-30 period.
“Therefore, we see support at RM5,080 per tonne and resistance at RM5,200 per tonne,” he told Bernama.
At the close, the 13-month futures exhibited an overall downward trend, while the near-month futures showed a mostly higher trend.
The spot-month December 2024 contract rose RM4 to RM5,336 per tonne, January 2025 decreased RM36 to RM5,242 per tonne, February 2025 edged down RM7 to RM5,128 per tonne, March 2025 added RM11 to RM4,983 per tonne, April 2025 went up RM16 to RM4,819 per tonne, and May 2025 was RM10 better at RM4,662 per tonne.
The spot-month June 2025 inched down RM2 to RM4,527 a tonne, July 2025 shed RM9 to RM4,420 a tonne, August 2025 slipped RM22 to RM4,345 per tonne, while September 2025, October 2025, November 2025, and January 2026 lost RM20 each to RM4,288 per tonne, RM4,257 per tonne, RM4,233 per tonne, and RM4,224 per tonne, respectively.
Trading volume advanced to 92,092 lots from 83,156 lots yesterday, while open interest inched down to 234,629 contracts from 235,695 contracts previously.
The physical CPO price for December South was RM20 lower at RM5,380 per tonne.
-- BERNAMA
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