By Fatin Umairah Abdul Hamid
KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed mixed on Wednesday, largely due to confirmation of Indonesia’s export control policy, according to Fastmarkets Palm Oil Analytics managing editor and senior analyst Dr Sathia Varqa.
Sharing a similar view, Iceberg X Sdn Bhd’s proprietary trader, David Ng, said the CPO price swung from positive to negative amid signs of weakening export demand.
He said news of Indonesia tightening controls on commodity exports initially lifted market sentiment, but gains were later reversed as concerns over weaker export demand resurfaced.
“We see prices supported above RM4,500 and resistance at RM4,680,” he told BERNAMA.
At the close, the June 2026 contract fell RM25 to RM4,515 per tonne, the July 2026 contract eased RM15 to RM4,556 per tonne, and the August 2026 contract declined RM2 to RM4,583 per tonne.
Meanwhile, the September 2026 contract rose RM12 to RM4,601 per tonne, October 2026 added RM23 to RM4,619 per tonne, and November 2026 gained RM29 to RM4,638 per tonne.
Trading volume increased to 164,144 lots from 121,452 lots on Wednesday, while open interest decreased to 283,536 contracts from 284,125 contracts previously.
The physical CPO price for May South was RM30 lower at RM4,550 per tonne. – BERNAMA
