CPO Futures Close Lower On Weaker Soybean Oil, Stronger Ringgit

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, March 17 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Tuesday, following a sharp selldown in the Chicago Board of Trade's (CBOT) soybean oil market.

Iceberg X Sdn Bhd proprietary trader David Ng said the decline in soybean oil weighed on CPO as both oils are major vegetable oils that compete in the global edible oil market.

“The lower soybean oil prices were mainly influenced by external market pressures, particularly the weakness in crude oil prices and uncertainties surrounding the ongoing trade discussions between the United States and China,” he told Bernama.

He added that the stronger ringgit also influenced the down momentum on the palm oil market.

At 6 pm, ringgit increased to 3.9155/9200 versus the US dollar at the close from 3.9260/9310 on Monday

“We see support at RM4,500 per tonne and resistance at RM4,680 per tonne,” he told Bernama.

At the close, the April 2026 contract decreased RM82 to RM4,542 per tonne, May 2026 eased RM75 to RM4,588 per tonne, while June 2026 edged down RM73 to RM4,581 per tonne.

The July 2026 and August 2026 contract slid RM75 to RM4,547 per tonne and RM4,508 per tonne respectively, while September 2026 declined RM74 to RM4,471 per tonne.

Trading volume rose to 102,525 lots from 99,715 on Monday, while open interest improved to 234,227 contracts from 230,714 contracts previously.

The new physical CPO price for April South dropped RM40 at RM4,580 per tonne.

-- BERNAMA