Kuala Lumpur: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives concluded mostly lower as sentiment weakened due to a slower export pace, causing a decline in prices, traders reported.

According to BERNAMA News Agency, palm oil trader David Ng highlighted that market participants are set to closely observe export estimates and production outlook in the upcoming weeks. Additionally, the stronger ringgit against the US dollar is contributing to the subdued sentiment, he added.

On the technical front, the CPO price finds support at RM4,400 per tonne with resistance pegged at RM4,680 per tonne. At the market’s close, the March 2025 contract saw a decrease of RM39 to RM4,737 per tonne. Conversely, the April 2025 contract rose by RM17 to RM4,633 per tonne, while the May 2025 contract fell by RM11 to RM4,488 per tonne.

Further declines were noted with the June 2025 contract dropping RM12 to RM4,370 per tonne, July 2025 decreasing RM4 to RM4,274 per tonne, and August 2025 declining RM3 to RM4,212 per tonne. The trading volume increased to 114,939 lots compared to 95,316 lots on Monday, though open interest fell to 239,274 contracts from the previous 244,496 contracts.

The physical CPO price for March South saw a reduction of RM10, settling at RM4,840 per tonne.