CPO Futures Close Lower On Expectations Of Weaker Exports
By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, Feb 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Tuesday, pressured by expectations of weaker export performance in coming weeks, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said the market is anticipating softer export numbers following the recent seasonally strong demand period, which may dampen overall demand for Malaysian palm oil.
Market sentiment was also weighed down by cautious buying interest, as traders awaited clearer signals on export data and stock levels, he said.
“We see CPO prices supported above RM4,000 per tonne, with resistance at RM4,180,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said that although the market had opened gap higher earlier, weaker February exports and lack of fresh buying interest from destination markets pressured palm oil prices, causing the early gains to evaporate as prices slipped into negative territory.
“Palm oil exports for the Feb 1–20 period were estimated by Intertek Testing Services at 863,358 tonnes, down 8.92 per cent from the Jan 1-20 estimate, while AmSpec estimated exports at 779,834 tonnes, down 12.62 per cent.
“On the other hand, the Southern Peninsular Palm Oil Millers’ Association (SPPOMA) has estimated south peninsular mills’ palm oil production to be lower by 22 per cent during Feb 1-Feb 20," he said.
At the close, the March 2026 contract fell RM34 to RM4,017 per tonne, April 2026 edged down RM33 to RM4,048 per tonne, and May 2026 declined RM30 to RM4,053 per tonne.
The June 2026 contract dropped RM28 to RM4,054 per tonne, July 2026 contracted RM22 to RM4,052 per tonne, and August 2026 lost RM24 to RM4,049.
Trading volume increased to 67,160 lots from 62,122 on Monday, while open interest rose to 223,235 contracts from 221,427 previously.
The physical CPO price for March South fell RM30 to RM4,070 per tonne.
-- BERNAMA
