By Fatin Umairah Abdul Hamid
KUALA LUMPUR, March 24 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Monday from last Friday, amid concerns over weak export demand following the recent price rally, said palm oil trader David Ng.
Ng said lower soybean oil prices also contributed to weaker sentiment in the palm oil market.
“We see support at RM4,150 per tonne and resistance at RM4,380 per tonne,” he told Bernama.
Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures hit a seven-week low as traders focused on the outlook for rising production and declining exports for the fifth consecutive month.
He said this trend raises the prospect of higher end-March stock levels after five months of continuous decline.
At the close, April 2025 contract eased RM62 to RM4,589 per tonne, May 2025 slid by RM75 to RM4,432, and June 2025 dropped RM70 to RM4,305.
July 2025 decreased by RM62 to RM4,198, August 2025 fell RM52 to RM4,125, and September 2025 lost RM42 to RM4,083.
Trading volume increased to 86,568 lots from 76,908 during Friday’s close, while open interest declined to 256,611 contracts from 256,932 contracts previously.
The physical CPO price for April South was RM80 lower to RM4,700 per tonne.
-- BERNAMA
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