By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Nov 22 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Friday amid concern over weakening export demand, a dealer said.
Palm oil dealer David Ng said demand tends to be weaker towards the end of the year based on seasonal patterns.
“Lower soybean oil prices on the Chicago Board of Trade also weighed down the prices.
“We see support at RM4,600 (per tonne) and resistance at RM4,850,” he told Bernama.
At the close, the new spot-month December 2024 contract fell by RM101 to RM4,790 per tonne, January 2025 contract dropped by RM114 to RM4,714 per tonne, and February 2025 gave up RM130 to RM4,642 per tonne.
The March 2025 contract lost RM131 to RM4,547 per tonne, April 2025 contract retreated RM123 to RM4,458 per tonne, and the May 2025 contract decreased RM110 to RM4,373 per tonne.
Trading volume shrank to 95,229 lots from 145,908 lots on Thursday, while open interest edged down to 239,910 contracts from 244,234 previously.
The physical CPO price for December South dropped by RM50 to RM4,950 per tonne.
-- BERNAMA
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