Crude palm oil futures on the Bursa Malaysia Derivatives experienced a downturn, influenced by the weakening Chicago soybean oil market. The trading session identified price support and resistance levels at RM4,200 and RM4,300 per tonne, respectively. Contributing factors to the decline included a lack of momentum from Chinese vegetable oil futures and a strengthening of the ringgit, which limited gains in the ringgit-denominated crude palm oil futures. The spot month and future contracts for several months in 2024 all recorded lower closing prices. Additionally, the trading volume saw a decrease, while there was a slight uptick in open interest.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
KUALA LUMPUR (March 26): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower tracking weakness in the Chicago soybean oil market during Asian hours, said a dealer. The CPO price support is located at RM4,200 per tonne and resistance at RM4,300 per tonne, said palm oil trader David Ng. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the lack of follow-up from Chinese vegetable oil futures and a stronger ringgit saw gains being capped in ringgit-denominated CPO futures. At the close, the spot month April 2024 contract fell RM20 to RM4,332 a tonne, May 2024 was down RM17 to RM4,297 a tonne, and June 2024 erased RM11 to RM4,236 a tonne. July 2024 and August 2024 eased RM8 each to RM4,146 and RM4,055 a tonne, respectively, while ...
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