By Lizawati Bahanan
KUALA LUMPUR, Nov 19 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today due to profit taking activities after closing higher yesterday.
The market was also affected by concerns over a slow down in palm oil demand.
"Higher prices could discourage demand, going forward," palm oil trader David Ng said to Bernama, adding that the next support level is located at RM3,250 per tonne, while resistance is at RM3,450 per tonne.
At the close, the CPO futures contract for December 2020 decreased RM27 to RM3,538 per tonne, January 2021 declined to RM19 to RM3,409 per tonne, February 2021 slipped RM22 to RM3,342 per tonne and March 2021 eased RM23 to RM3,271 per tonne.
Total volume declined to 63,467 lots from 71,852 lots on Wednesday, while open interest slipped to 263,056 contracts from 279,316 contracts previously.
The physical CPO price for December South rose RM20 to RM3,580 per tonne.
Malaysian National News Agency
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