By Durratul Ain Ahmad Fuad
KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower today, weighed down by persistent weakness in the Chicago Board of Trade (CBOT) soybean oil futures, a trader said.
Iceberg X Sdn Bhd’s proprietary trader, David Ng said that the recent weak export demand also dampened market sentiment.
He said Malaysia’s palm oil exports for the May 1-31 period were estimated by Intertek Testing Services at 1.28 million tonnes, down 8.81 per cent, and by AmSpec at 1.14 million tonnes, down 15.45 per cent from its respective export estimate for the April 1-30 period.
“We expect support at RM4,480 per tonne and resistance at RM4,750 per tonne,” he told BERNAMA.
At the close, the June 2026 contract eased RM39 to RM4,492 per tonne, the July 2026 contract weakened by RM40 to RM4,526 per tonne, the August 2026 contract slipped RM47 to RM4,554 per tonne, the September 2026 contract went down RM45 to RM4,584 per tonne, the October 2026 contract shed RM41 to RM4,616 per tonne, and the November 2026 contract narrowed by RM39 to RM4,647 per tonne.
Trading volume improved to 98,296 lots from 95,888 lots on Thursday, while open interest weakened to 293,957 contracts from 298,582 contracts previously.
Meanwhile, the physical CPO price for June South contracted by RM30 to RM4,520 per tonne. – BERNAMA
