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MARKET • 15/10/2024 08:56 PM

CPO Futures Close Lower On Weaker Soybean, Crude Oil Prices

By Zufazlin Baharuddin

KUALA LUMPUR, Oct 15 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Tuesday, tracking weakness in the Chicago Board of Trade’s soybean oil futures overnight and lower crude oil prices, said palm oil trader David Ng.

Besides, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the profit-taking activities are still happening, which makes CPO futures come under large sell-off.

“Concerns over peak prices after palm futures neared the highest close in the year triggered impulsive downward momentum,” he told Bernama.

At the close today, the spot month October 2024 contract decreased by RM20 to RM4,350 per tonne, November 2024 lost RM32 to RM4,312 per tonne, and January 2025 slid RM44 to RM4,239 per tonne.

Meanwhile, December 2024, February 2025 and March 2025 eased RM41 each to RM4,272 per tonne, RM4,207 per tonne and RM4,169 per tonne, respectively.

Trading volume rose to 95,406 lots from 93,051 yesterday, while open interest shrank to 248,273 contracts from 251,084 previously.

The physical CPO price for October South slid RM50 to RM4,400 per tonne.

-- BERNAMA

 

 

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