By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Aug 3 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Monday, tracking weaker soybean oil and crude oil prices amid de-escalation in the West Asia conflict.
Iceberg X Sdn Bhd proprietary trader David Ng said concerns over rising output and stock levels in the coming weeks are also seen as weighing on near-term sentiment.
“We see prices supported above RM4,550 per tonne and resistance at RM4,700 per tonne,” he told Bernama.
At the time of writing, Brent crude was down 5.19 per cent per cent at US$83.37 a barrel.
Echoing Ng, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said CPO prices closed lower, erasing midday gains as estimates data showed July-end stocks set to rise for the fourth successive month.
“Production and exports are poised for a rise. The actual data from Malaysian Palm Oil Board is due on Aug 10,” he said.
Meanwhile, at the close, the August 2026 contract fell RM43 to RM4,488 per tonne, September 2026 declined RM15 to RM4,589 per tonne, and October 2026 dropped RM14 to RM4,629 per tonne.
The November 2026 contract eased RM11 to RM4,664 per tonne, December 2026 slid RM7 to RM4,697 per tonne, and January 2027 slipped RM5 to RM4,727 per tonne.
Trading volume increased to 80,947 lots from 64,096 lots on Friday, while open interest rose to 304,293 contracts from 301,947 contracts previously.
The physical CPO price for August South eased RM10 to RM4,520 per tonne.
-- BERNAMA