By Abdul Hamid A Rahman
KUALA LUMPUR, Oct 1 -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Thursday, weighed down by weaker soybean oil prices on the Chicago Board of Trade (CBOT).
Iceberg X Sdn Bhd proprietary trader David Ng said market sentiment was also affected by softer palm oil exports in September. “Weaker soybean oil prices and sluggish demand from major palm oil-importing countries also weighed on the market,” he told Bernama.
Ng noted that cargo surveyor Intertek Testing Services (ITS) reported that Malaysia’s palm oil exports fell 17.1 per cent month-on-month in September to about 1.13 million tonnes.
On the price outlook, Ng said he sees support at around RM4,500 per tonne, with resistance at RM4,650.
At the close, the October 2026 contract eased RM50 to RM4,374 per tonne, while the November 2026 contract declined RM52 to RM4,461, and the December 2026 contract fell RM56 to RM4,554.
The January 2027 contract slid RM65 to RM4,652 per tonne, February 2027 declined RM75 to RM4,745, and March 2027 lost RM85 to RM4,834.
Trading volume fell to 106,630 lots from 131,293 on Wednesday, while open interest fell to 341,306 contracts from 464,043 previously.
The physical CPO price for October South fell RM100 to RM4,500 per tonne.
-- BERNAMA