CPO Futures End Lower On Weaker Soybean Oil
By Abdul Hamid A Rahman & K Naveen Prabu
KUALA LUMPUR, June 17 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today, dragged by weaker soybean oil price on the Chicago Board of Trade.
Palm oil trader David Ng said concerns over rising output are also weighing on market sentiment.
“We see support at RM4,000 per tonne and resistance at RM4,150,” he told Bernama.
According to the Malaysian Palm Oil Board report last week, Malaysia produced 1.77 million tonnes of CPO in May, up 5.1 per cent from 1.69 million tonnes in the preceding month.
Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures pulled back after rising to a two-month high on mild profit-taking.
“Although related vegetable oil futures, including soybean oil, hit limit-up again on the Chicago Mercantile Exchange the day before, and palm oil fundamentals remain strong, traders opted to take some profit,” he said.
At the close, the spot month June contract fell RM32 to RM4,064 per tonne, July 2025 declined RM32 to RM4,072 per tonne, and August 2025 dropped RM30 to RM4,064 per tonne.
September 2025 reduced RM29 to RM4,051 per tonne, October 2025 slipped RM26 to RM4,047 per tonne, and November 2025 dropped RM23 to RM4,055 per tonne.
Trading volume dropped to 110,158 lots from 117,399 on Monday, while open interest slipped to 235,561 contracts from 241,865 previously.
The physical CPO price for June South decreased RM20 to RM4,080 per tonne.
-- BERNAMA