Kuala Lumpur: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Monday from last Friday, amid concerns over weak export demand following the recent price rally, said palm oil trader David Ng. Ng noted that lower soybean oil prices also contributed to weaker sentiment in the palm oil market. “We see support at RM4,150 per tonne and resistance at RM4,380 per tonne,” he told Bernama.

According to BERNAMA News Agency, Fastmarkets Palm Oil Analytics senior analyst Dr. Sathia Varqa stated that CPO futures hit a seven-week low as traders focused on the outlook for rising production and declining exports for the fifth consecutive month. He highlighted that this trend raises the prospect of higher end-March stock levels after five months of continuous decline.

At the close, the April 2025 contract eased RM62 to RM4,589 per tonne, the May 2025 contract slid by RM75 to RM4,432, and the June 2025 contract dropped RM70 to RM4,305. The July 2025 contract decreased by RM62 to RM4,198, the August 2025 contract fell RM52 to RM4,125, and the September 2025 contract lost RM42 to RM4,083.

Trading volume increased to 86,568 lots from 76,908 during Friday’s close, while open interest declined to 256,611 contracts from 256,932 contracts previously. The physical CPO price for April South was RM80 lower to RM4,700 per tonne.