By K. Naveen Prabu
KUALA LUMPUR, July 31 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Friday, tracking weaker soybean oil prices.
Iceberg X Sdn Bhd proprietary trader David Ng said market sentiment was also affected by concerns over rising output in the coming weeks.
“We see prices supported above RM4,600 per tonne and resistance at RM4,780 per tonne,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil futures traded sharply lower as traders locked in profits ahead of the weekend.
“Traders were taking a cautious approach ahead of the release of July supply and demand estimates next week,” he said.
At the close, the August 2026 contract fell RM23 to RM4,531 per tonne and September 2026 declined RM39 to RM4,604 per tonne.
The October 2026 contract dropped RM40 to RM4,643 per tonne, while the November 2026 and December 2026 contracts slid RM39 each to RM4,675 and RM4,704 per tonne, respectively. The January 2027 contract shed RM38 to RM4,732 per tonne.
Trading volume decreased to 64,096 lots from 67,530 lots on Thursday, while open interest slipped to 301,947 contracts from 302,397 contracts previously.
The physical CPO price for August South eased RM20 to RM4,530 per tonne.
-- BERNAMA