By Siti Noor Afera Abu
KUALA LUMPUR, May 14 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed to close lower as concerns over weak exports in the coming weeks and the absence of post-festival demand are pressuring prices.
Palm oil trader David Ng said weaker soybean oil prices on Chicago Board of Trade (CBOT) soybean oil futures during Asian hours also added to the price decline.
“We see price support at RM3,750 a tonne and resistance at RM3,950 a tonne,” he told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the market focus is now on May 1-15 palm oil export and production performance.
At the close, the spot month contract for May 2024 fell by RM108 to RM3,800 a tonne, while June 2024 dropped by RM57 to RM3,837 a tonne, and July 2024 decreased by RM53 to RM3,815 a tonne.
August 2024 was RM50 lower to RM5,813 a tonne, September 2024 fell RM51 to RM3,815 a tonne and October 2024 slid by RM52 to RM3,824 a tonne.
Total volume increased to 71,698 lots from Monday’s 57,439, while open interest narrowed to 216,654 contracts from 219,787 previously.
The physical CPO price for May South was RM40 lower at RM3,900 per tonne.
-- BERNAMA
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