By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, Feb 26 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower today on concerns over weaker export demand amid the strengthening ringgit.
Iceberg X Sdn Bhd proprietary trader David Ng said recent cargo surveyor data indicated that export estimates fell by 12 per cent, mainly due to lower shipments to key markets such as India and China, as the firmer ringgit dampened buying interest.
At 6 pm, the ringgit rose to 3.8865/8925 versus the greenback from yesterday’s close of 3.8900/8955.
“Bearish market momentum was also weighed down by weaker Chicago Board of Trade (CBOT) soybean oil prices, which added pressure on palm oil futures.
"We see CPO prices supported above RM3,950 per tonne, with resistance at RM4,180,” he said.
At the close, the March 2026 contract decreased RM63 to RM3,955 per tonne, April 2026 edged down RM50 to RM3,996 per tonne, and May 2026 dipped RM48 to RM4,005 per tonne.
The June 2026 contract dropped RM47 to RM4,006 per tonne, July 2026 contracted RM45 to RM4,003 per tonne, and August 2026 lost RM43 to RM3,998 per tonne.
Trading volume rose to 61,228 lots from 59,677 on Wednesday, while open interest surged to 227,240 contracts from 221,625 previously.
The physical CPO price for March South eased RM40 to RM4,020 per tonne.
-- BERNAMA
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