KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mixed on Wednesday as concerns over higher output weighed on prices despite higher crude oil prices, dealers said.
Palm oil trader David Ng said that market sentiment remained cautious due to these factors.
‘We see price support at RM3,650 and resistance at RM3,820 a tonne,’ he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the futures prices were supported by a recovery in the energy markets and an increase in the Chicago Board of Trade (CBOT) soybean oil futures from Tuesday’s low.
The weakness in the ringgit provided additional support to the ringgit-denominated CPO futures, he said.
‘However, the sharply lower Chinese vegetable oil futures and the overall weakness in CBOT soybean oil and soybeans during Asian trading hours capped the gains in palm oil,’ he told Bernama.
At the close, the August 2024 contract fell by RM29 to RM3,800 a tonne, September 2024 sli
pped by RM15 to RM3,763 a tonne, and October 2024 shed RM8 to RM3,697 a tonne.
The November 2024 contract increased by RM2 to RM3,673 a tonne, December 2024 rose by RM7 to RM3,669 a tonne, and January 2025 was RM11 higher at RM3,679 a tonne.
Total volume decreased to 90,040 lots from Tuesday’s 109,702 lots, while open interest rose to 224,872 contracts from 222,321 contracts previously.
The physical CPO price for August South decreased by RM20 to RM3,880 per tonne.
Source: BERNAMA News Agency