By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, March 17 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Monday amid expectations of higher production and weaker export pace in coming weeks, said palm oil trader David Ng.
He said palm oil exports are weakening due to the rising supply and affordability of vegetable oil, reducing demand for palm oil.
“The higher production might last until the third quarter of this year. We expect the CPO price to find support at RM4,300 per tonne and resistance at RM4,510 per tonne,” he told Bernama.
At the close, the new spot month of April 2025 slipped RM89 to RM4,605 per tonne, May 2025 decreased by RM110 to RM4,466 per tonne, and June 2025 fell by RM108 to RM4,366 per tonne.
Meanwhile, the July 2025 contract declined RM106 to RM4,269 per tonne, August 2025 dropped RM109 to RM4,195 per tonne, and September 2025 shed RM112 to RM4,156 per tonne.
Trading volume declined to 80,160 lots from 88,944 lots on Friday, while open interest expanded to 250,640 contracts from 248,014 contracts previously.
The physical CPO price for March South eased RM50 at RM4,800 per tonne.
-- BERNAMA
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