CPO Futures Close Lower Amid Weaker Crude Oil Prices
By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, June 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Tuesday tracking weaker crude oil prices, according to a trader.
Iceberg X Sdn Bhd proprietary trader David Ng said market sentiment was dampened by expectations of an agreement between the United States and Iran to de-escalate tensions in West Asia, which could lead to the resumption of oil flows through the Strait of Hormuz.
At the time of writing, Brent crude price was down by 0.42 per cent to US$77.57 per barrel.
“CPO futures were also affected by the weaker Chicago Board of Trade (CBOT) soybean oil prices.
“We see support at RM4,600 per tonne and resistance at RM4,750 per tonne,” he told Bernama.
At the close, the July 2026 contract declined RM10 to RM4,600 per tonne, the August 2026 contract decreased RM13 to RM4,628 per tonne and the September 2026 contract edged down RM14 to RM4,658 per tonne.
The October 2026 contract was down by RM17 to RM4,684 per tonne, the November 2026 contract lost RM23 to RM4,706 per tonne and the December 2026 contract dropped RM21 to RM4,733 per tonne.
Trading volume rose to 81,314 lots from 70,111 lots on Monday, while open interest increased to 289,866 contracts from 287,720 previously.
The physical CPO price for June South inched down RM20 to RM4,610 per tonne.
-- BERNAMA