KUALA LUMPUR, Dec 11 (Bernama) -- 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 as 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 Sathia Varqa 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 eased RM52 to RM5,113 per tonne, January 2025 fell RM117 to RM4,954 a tonne, and February 2025 slid RM95 to RM4,856 a tonne.
March 2025 contract decreased RM79 to RM4,737 per tonne, April 2025 slipped RM55 to RM4,605 and May 2025 eased RM24 to RM4,488 per tonne.
Trading volume increased to 120,030 lots from 111,184 lots yesterday, while open interest declined to 238,514 contracts from 241,199 contracts previously.
The physical CPO price for December South fell by RM70 to RM5,250 per tonne.
-- BERNAMA
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