The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Friday, reversing earlier gains as concerns over rising output and weaker soybean oil prices dragged sentiment in the market, said palm oil trader David Ng.

‘Currently, prices are well supported above RM3,900 per tonne with resistance at RM4,030 per tonne,’ Ng told Bernama.

At the close, the spot month July 2024 and August 2024 contracts decreased by RM35 each to RM3,970 and RM3,948 a tonne, respectively, September 2024 dropped RM20 to RM3,915 a tonne, while October 2024, November 2024, and December 2024 slid RM14 each to RM3,892, RM3,884, and RM3,891 a tonne, respectively.

Total volume rose to 62,285 lots from Thursday’s 49,595 lots, while open interest fell to 221,682 contracts from 225,937 contracts previously.

The physical CPO price for July South was lower by RM20 at RM4,030 per tonne.

Source: BERNAMA News Agency