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KUALA LUMPUR, April 28 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed lower today tracking overnight weakness in the Chicago soybean oil market, a dealer said.
Palm oil trader David Ng said the market had retraced part of the recent rally in CPO futures prices.
However, he said a stronger demand for palm oil is set to be a supporting factor for the price in the near term.
"We locate support at RM3,880 and resistance at RM4,050," he told Bernama.
Meanwhile, there is no trading on the BMD tomorrow due to the Nuzul Al-Quran public holiday, and will commence its operation on Friday.
At the close, CPO futures contract for May 2021 fell RM79 to RM4,421 per tonne, June 2021 lost RM104 to RM4,161 per tonne, July 2021 slid RM133 to RM3,936 per tonne and August 2021 erased RM126 to RM3,774 per tonne.
Total volume decreased to 54,674 lots from 68,030 lots on Tuesday, while open interest was down to 259,782 contracts from 273,370 contracts previously.
The physical CPO price for May South eased by RM50 to RM4,430 per tonne.