By Durratul Ain Ahmad Fuad
KUALA LUMPUR, April 18 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed lower today for the fifth straight day, as concerns over rising output continued to pile pressure on prices.
“We see support at RM3,950 per tonne and resistance at RM4,100 per tonne,” palm oil trader David Ng told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures were seen trading sideways this morning before closing lower today as the market is expecting more price correction on the expectation of a strong rebound in production.
“On the weakness front, the local demand for palm oil and its products are still lagging in the key Indian markets,” he said.
At the close, the May 2025 contract fell RM67 to RM4,117 per tonne, June 2025 decreased RM54 to RM4,016 per tonne, July 2025 slid RM36 to RM3,975 per tonne, August 2025 went down RM20 to RM3,961 per tonne, September 2025 lost RM6 to RM3,959, and October 2025 inched down RM1 to RM3,960 per tonne.
Trading volume dropped to 72,684 lots from 82,063 lots yesterday, while open interest slipped to 239,000 contracts from 241,147 previously.
The physical CPO price for April South was RM50 lower at RM4,250 per tonne.
-- BERNAMA
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