By Anas Abu Hassan
KUALA LUMPUR, Feb 24 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today, weighed down by weakness in soybean oil performance amid softer demand, said an analyst.
Palm oil trader David Ng noted that profit-taking activities following the recent rally in the local market further dampened the market sentiment.
“We see prices supported at RM4,500 per tonne and resistance at RM4,650 per tonne,” he told Bernama.
Nevertheless, another analyst pointed out that palm oil output may remain affected in February due to a shortage of workers, while expectations of lower production during Ramadan could provide some support to market sentiment.
At the close, the March 2025 contract fell RM105 to RM4,731 per tonne, April 2025 decreased RM103 to RM4,659 per tonne, and May 2025 went down RM105 to RM4,559 per tonne.
June 2025 dropped RM102 to RM4,446 per tonne, July 2025 lost RM101 to RM4,340 per tonne, and August 2025 slipped RM98 to RM4,269 per tonne.
Trading volume narrowed to 46,796 lots against 97,093 lots on Friday, while open interest widened to 244,880 contracts from 243,818 contracts last week.
The physical CPO price for March South fell RM100 to RM4,800 per tonne.
-- BERNAMA
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