KUALA LUMPUR, Nov 20 --The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today, as palm oil exports slumped during the first half of November.
The lower global crude oil prices also made palm oil a less attractive option for biodiesel feedstock.
Palm oil trader David Ng said the market was also affected by the lower export estimate which had put pressure on prices.
"High prices deter buying interest," he told Bernama, adding that the next support level is located at RM3,200 per tonne, while resistance is at RM3,400 per tonne.
At the close, the CPO futures contract for December 2020 decreased RM55 to RM3,483 per tonne, January 2021 declined to RM53 to RM3,356 per tonne, February 2021 slipped RM54 to RM3,288 per tonne and March 2021 eased RM51 to RM3,220 per tonne.
Total volume declined to 58,699 lots from 63,467 lots on Thursday, while open interest slipped to 259,018 contracts from 263,056 contracts previously.
The physical CPO price for December South declined RM70 to RM3,510 per tonne.
Malaysian National News Agency
No.28 Jalan BERNAMA
Off Jalan Tun Razak
50400 Kuala Lumpur
Tel : +603-2693 9933 (General Line)
Email : helpdesk[at]bernama.com