Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Friday, reversing some of the earlier gains, as traders booked profits amid the recent rally in price, a dealer said.
Palm oil trader David Ng said weakness in soybean and crude oil markets also weighed on the sentiment.
‘We see support at RM3,950 and resistance at RM4,100,’ he told Bernama.
At the close, the spot month October 2024 contract was reduced by RM76 at RM4,159 per tonne, November 2024 contracted by RM93 to RM4,096, while the benchmark December 2024 dropped by RM101 to RM4,051.
The January 2025 contract fell by RM104 to RM4,014 per tonne, while February 2025 and March 2025 slipped RM105 each to RM3,979 and RM3,945, respectively.
Volume surged to 132,344 lots from 84,940 on Thursday, while open interest inched down to 258,379 contracts from 258,553 previously.
The physical CPO price for October South decreased by RM40 to RM4,210 per tonne.
Source: BERNAMA News Agency