CPO Futures Close Mostly Lower On Weaker Soybean Oil, Crude Oil Prices

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, June 18 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed mostly lower on Thursday, pressured by weaker soybean oil and crude oil prices, a trader said.

Iceberg X Sdn Bhd proprietary trader David Ng, however, said that recent strength in export demand continues to support market sentiment in the near term.

“We see prices remaining supported above RM4,500 per tonne, with resistance at RM4,650 per tonne,” he said.

Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures pared earlier losses in the second half of the trading session due to a weaker ringgit, which improved the competitiveness of Malaysian palm oil exports.

He noted that despite the late recovery, related edible oil futures on China’s Dalian Commodity Exchange (DCE) and vegetable oil contracts on the Zhengzhou Commodity Exchange (ZCE) ended lower, limiting the upside for palm oil prices.

At the close, the July 2026 contract increased RM9 to RM4,510 per tonne, and the August 2026 contract gained RM5 to RM4,544 per tonne.

However, the September 2026 contract eased RM1 to RM4,573, while October 2026 contract was down RM4 to RM4,603, November 2026 contract fell RM8 to RM4,628, and the December 2026 contract declined by RM2 to RM4,658 per tonne.

Trading volume added to 91,261 lots from 89,705 on Tuesday, while open interest eased to 286,986 contracts from 289,934 previously.

Meanwhile, the physical CPO price for June South was up by RM10 at RM4,510 per tonne.

The market was closed on Wednesday for the Awal Muharram public holiday.

-- BERNAMA