By Siti Noor Afera Abu
KUALA LUMPUR, May 7 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower for the second straight day, pressured by mounting concerns over increasing production and stock levels.
Palm oil trader David Ng said the ongoing pressure continues to dampen market sentiment.
“We see prices supported at RM3,650 per tonne and resistance at RM3,900 per tonne,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani noted that CPO futures appear to be ignoring the recovery in the Chicago Board of Trade (CBOT) soybean oil futures during Asian trading hours,
“At this juncture, we may see a little downward risk for prices, but bargain buying could be seen at the same time,” he added.
At the close, May 2025 and June 2025 eased RM70 each to RM3,725 and RM3,732 per tonne, July 2025 went down RM64 to RM3,728 per tonne, August 2025 slipped RM58 to RM3,734 per tonne, September 2025 lost RM46 to RM3,741 per tonne, and October 2025 edged down RM37 to RM3,751 per tonne.
Trading volume advanced to 91,358 lots from 70,080 yesterday, while open interest rose to 234,996 contracts from 233,382 contracts previously.
The physical CPO price for May South was RM60 lower at RM3,820 per tonne.
-- BERNAMA
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