By Danni Haizal Danial Donald
KUALA LUMPUR, May 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Thursday tracking the weakness in soybean oil futures on the Chicago Board of Trade and Dalian palm olein prices, said palm oil trader David Ng
“We see that the price is well supported above RM3,900 a tonne but faces a crucial resistance at around RM4,050 a tonne,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said weakness in crude oil is also a concern for palm oil as it has weakened the biofuel margins.
At the time of writing, Brent crude oil prices fell by 0.5 per cent to US$83.13 per barrel.
“Palm oil prices were higher yesterday and the recovery was attributed to the upward swing of the Malaysian palm oil export performance and a slowdown in production pace is the key behind palm oil’s strength,” he said.
At the close, the spot month June 2024 contract fell by RM41 to RM3,987 a tonne, while July 2024 dropped RM38 to RM3,994 and August 2024 decreased RM41 to RM3,993 a tonne.
September 2024 slid RM44 to RM3,992 a tonne, while October 2024 fell RM49 to RM3,989 a tonne and November 2024 edged down RM49 to RM3,993 a tonne.
Total volume increased to 95,619 lots from Wednesday’s 82,184 while open interest edged higher to 212,347 contracts from 206,453 previously.
The physical CPO price for June South was RM20 lower at RM4,030 per tonne.
-- BERNAMA
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