By Siti Noor Afera Abu
KUALA LUMPUR, March 17 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower as weak performance in rival soybean oil futures on the US Chicago Board of Trade (CBOT) overnight continued to pressure the market.
Palm oil trader David Ng said the concern over higher CPO production in the coming weeks is also pressuring the market.
“We locate support at RM3,850 and resistance at RM4,200,” he told Bernama.
At the close, April 2023 decreased RM12 to RM4,071 per tonne, May 2023 fell RM20 to RM3,987 per tonne, June 2023 slipped RM13 to RM3,920 per tonne and July 2023 shed RM11 to RM3,871 per tonne.
Meanwhile, both August 2023 and September 2023 went down by RM6 to RM3,833 per tonne and RM3,804 per tonne, respectively.
Total volume went down to 61,040 lots from 77,867 lots on Thursday while open interest narrowed to 180,023 contracts from 244,246 contracts previously.
The physical CPO price for March South was higher by RM50 to RM4,200 per tonne.
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