CPO Futures Extend Losses, Tracking Weaker Soybean Oil Prices

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, Oct 7 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Wednesday tracking weaker soybean oil prices.

Iceberg X Sdn Bhd proprietary trader David Ng said the weaker soybean oil prices weighed on CPO, as both are key vegetable oils competing in the global edible oils market.

“Market sentiment was also weighed down by concerns over high domestic inventories.

“We see support at RM4,500 and resistance at RM4,650 per tonne,” he told Bernama.

At the close, the October 2026 contract decreased RM30 to RM4,310 per tonne, the November 2026 contract slipped by RM44 to RM4,413 per tonne, and the December 2026 contract edged down RM36 to RM4,524 per tonne.

Meanwhile, the January 2027 contract slid RM27 to RM4,636 per tonne, February 2027 fell RM19 to RM4,739 per tonne, and March 2027 eased RM9 to RM4,834 per tonne.

Trading volume weakened to 70,612 lots from 92,828 on Tuesday, while open interest contracted to 328,944 contracts from 329,375 previously.

The physical CPO price for October South eased RM30 to RM4,350 per tonne.

-- BERNAMA