CPO FUTURES END LOWER ON WEAKER SOYBEAN OIL PRICES, OUTPUT CONCERNS

By Abdul Hamid A Rahman

KUALA LUMPUR, April 29 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today, weighed down by weaker soybean oil prices on the Chicago Board of Trade (CBOT) and concerns over rising production in the coming weeks, said palm oil trader David Ng.

Ng said soybean oil prices retreated as traders assessed the likelihood of higher global oilseed supplies, which in turn dampened sentiment in the palm oil market.

“The recent decline in soybean oil price is mainly driven by expectations of improved crop conditions in major producing areas, leading to a softer tone across the edible oil complex,” he told Bernama.

Meanwhile, Ng pointed out that concerns over rising CPO output are linked to the seasonal recovery in production typically seen in the second quarter of the year, which could further pressure to prices.

He identified the immediate support level at RM3,850 a tonne and resistance at RM4,080 a tonne.

At the close, the May 2025 contract decreased RM30 to RM4,010 per tonne, June 2025 slid RM16 to RM3,973 per tonne, and July 2025 erased RM22 to RM3,943 per tonne.

August 2025 dipped by RM27 at RM3,935 per tonne, September 2025 slipped RM28 to RM3,928 per tonne, and October 2025 declined RM27 to RM3,924 per tonne. 

Trading volume rose to 55,576 lots from 51,205 lots on Monday, while open interest narrowed to 234,571 contracts from 236,253 contracts previously.

The physical CPO price for May South stood at RM4,100 per tonne.

-- BERNAMA