CPO Futures Close Lower On Weaker Crude Oil, Stronger Ringgit
WORLD
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, April 21 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today for the sixth straight day as weaker crude oil prices and a stronger ringgit against the US dollar were weighing down the market, said palm oil trader David Ng.
He told Bernama that concern over rising output was also seen as weighing down market sentiment.
'We see support at RM3,850 per tonne and resistance at RM4,080 per tonne,' Ng said.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the market is awaiting data from Southern Peninsular Palm Oil Millers' Association (SPPOMA), UOB Kay Hian and the Malaysian Palm Oil Association (MPOA) for the April 1-20 period, to confirm the double-digit palm oil production recovery in April on a month-on-month basis.
'But the weakening macro situations and the lack of demand at key destination markets for palm oil, particularly India, has put pressure on palm oil prices,' he said.
At the close, the May 2025 contract fell RM47 to RM4,070 per tonne, June 2025 decreased RM54 to RM3,962 per tonne, July 2025 slid RM65 to RM3,910 per tonne, August 2025 dropped RM67 to RM3,894 per tonne, September 2025 declined RM75 to RM3,884, and October 2025 inched down RM75 to RM3,884 per tonne.
Trading volume dropped to 70,503 lots from 72,684 lots last Friday, while open interest eased to 238,488 contracts from 239,000 previously.
The physical CPO price for May South was RM130 lower at RM4,120 per tonne.
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