Palm oil trader David Ng said the market weakness was also due to expectations of softer demand in the coming weeks following the recent rally in prices.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today, in line with the weaker soybean oil prices on the US Chicago Board of Trade (CBOT).
Palm oil trader David Ng said the market weakness was also due to expectations of softer demand in the coming weeks following the recent rally in prices.
"We locate support at RM3,200 and resistance at RM3,300 per tonne, ” he told Bernama.
At the close, the CPO futures contract for December 2020 slipped RM70 to RM3,448 per tonne, January 2021 fell RM80 to RM3,315 per tonne, February 2021 was RM75 lower at RM3,249 per tonne and March 2021 decreased RM70 to RM3,188 per tonne.
Total volume increased to 74,555 lots from 68,048 lots on Monday, while open interest rose slightly to 259,047 contracts from 258,720 contracts previously.
The physical CPO price for December South slipped RM70 to RM3,450 per tonne. - Bernama
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