KUALA LUMPUR, The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended mixed on Tuesday, following the downward trend observed in the Chicago Board of Trade (CBOT) soybean oil market, said palm oil trader David Ng.
He told Bernama that there are additionally growing concerns about the slow pace of exports, which contributed to the lower CPO futures.
“Currently, we observe that the support level for CPO is at RM3,650 a tonne, while the resistance level is at RM3,880 a tonne,” he said.
Meanwhile, cargo surveyor Intertek Testing Services said the export volume of Malaysia’s palm oil products for the period from Aug 1-20 had decreased by 18.4 per cent.
The total volume exported was 866,641 tonnes, a decrease from the 1,062,238 tonnes recorded during the period from July 1-20.
At the close, spot month September 2024 contract decreased by RM58 to RM3,886 a tonne, October 2024 declined by RM32 to RM3,772 a tonne and November 2024 slid by RM6 to RM3,715 a tonne.
December 2024 gained RM7 t
o RM3,693 a tonne, January 2025 improved by RM13 to RM3,685 a tonne, and February 2025 surged by RM10 to RM3,678 a tonne.
Total volume was reduced to 60,626 lots from Monday’s close of 70,934 lots, while open interest dropped to 228,666 contracts from 228,716 contracts previously.
The physical CPO price for August South decreased by RM30 to RM3,920 per tonne.
Source: BERNAMA News Agency