CPO FUTURES SLIPS ON WEAKER GLOBAL OIL, SOYBEAN MARKETS

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Jan 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped three days' gains to end lower on Friday due to weaker crude oil and soybean oil prices, said a trader.

Kuala Lumpur-based proprietary trader David Ng of Iceberg X Sdn Bhd said the stronger ringgit also added pressure to the market sentiment.

“We see prices supported above RM4,100 and resistance at RM4,280 a tonne,” he told Bernama.

Echoing Ng’s view, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa also said CPO futures snapped into weekend profit-taking amidst a strengthening ringgit.

Earlier today, the ringgit breached the key psychological level of 4.00 against the US dollar, reaching a more than seven-year high of 3.9992, supported by a strong outlook for Malaysia’s economy, easing geopolitical tensions, and the central bank’s decision to maintain the Overnight Policy Rate.

At 6 pm, the ringgit stood at 4.0045/0080 against the US dollar, up from Thursday’s close of 4.0370/0415, reaching a level last seen on Jan 4, 2021, when it was at 4.0040/0090.

At the close, the February 2026 contract eased RM14 to RM4,128 per tonne, March 2026 declined RM20 to RM4,164 per tonne, while April 2026 and May 2026 contracts fell RM22 to RM4,175 per tonne and RM4,172 per tonne, respectively.

June 2026 and July 2026 slid RM24 to RM4,161 per tonne and RM4,149 per tonne, respectively.

Trading volume decreased to 70,725 lots from 93,051 lots on Thursday, while open interest narrowed to 228,950 contracts from 231,985 previously.

The physical CPO price for February South fell RM10 to RM4,140 per tonne.

-- BERNAMA