By Anas Abu Hassan
KUALA LUMPUR, Feb 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives retreated from yesterday's gain to close lower today dragged by weakness in rival oils amid a discouraging outlook, according to an analyst.
Palm oil trader David Ng believed the CPO prices trended lower due to expectation of growing output in the coming weeks which may elevate the overall stock level in the country.
“We see prices supported at RM4,450 per tonne and resistance at RM4,620 per tonne,” he told Bernama.
At the close, the March 2025 contract trimmed RM32 to RM4,696 per tonne, April 2025 lost RM96 to RM4,604 per tonne, and May 2025 decreased RM100 to RM4,511 per tonne.
Meanwhile, June 2025 declined RM104 to RM4,413 per tonne, July 2025 dropped RM84 to RM4,327 per tonne, and August 2025 slipped RM77 to RM4,267 per tonne.
Trading volume improved to 89,684 lots from 65,530 lots yesterday, while open interest narrowed to 239,333 contracts against 241,609 contracts previously.
The physical CPO price for March South fell by RM70 to RM4,780 per tonne.
-- BERNAMA
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