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By Karina Imran and Anas Abu Hassan
KUALA LUMPUR, April 30 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed marginally lower today due to profit-taking activities ahead of the release of the April supply and demand estimates.
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the futures price was also weighed down by lower soybean oil prices coupled with the mixed performance of the futures on China’s Dalian Commodity Exchange.
Meanwhile, palm oil trader David Ng said a stronger export for palm oil was seen as the limiting factors that capped the downside trend.
"We locate support at RM3,820 per tonne and resistance at RM3,980 per tonne," he told Bernama.
At the close, CPO futures contract for May 2021 slipped RM13 to RM4,408 per tonne, June 2021 lost RM42 to RM4,119 per tonne, July 2021 fell RM68 to RM3,868 per tonne and August 2021 erased RM71 to RM3,703 per tonne.
Total volume slipped to 54,498 lots from 54,674 lots on Wednesday, while open interest edged down to 258,464 contracts from 259,782 contracts previously.
The physical CPO price for May South eased by RM10 to RM4,420 per tonne.