By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, April 3 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday, tracking weakness in the soybean oil market, said palm oil trader David Ng.
He told Bernama that the expectation of higher production in the coming weeks also influenced market sentiment.
“We see support at RM4,450 and resistance at RM4,600,” said Ng.
At the close, the April 2025, May 2025 and September contracts all dropped by RM31 each to RM4,811, RM4,617 and RM4,252 per tonne, respectively.
The July 2025 contract declined by RM25 to RM4,383 per tonne, while June 2025 and August 2025 contracts decreased by RM28 each to RM4,489 and RM4,302, respectively.
Trading volume fell to 65,131 lots from 78,829 lots on Wednesday, while open interest inched up to 256,811 contracts from 256,769 contracts previously.
The physical CPO price for April South was RM50 higher at RM4,850 per tonne.
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