Market Overview: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Friday, with traders taking profits after a recent rally. This decline was further influenced by weaknesses in the soybean and crude oil markets.
Price Movements:
October 2024: Down RM76 to RM4,159 per tonne.
November 2024: Fell RM93 to RM4,096.
December 2024: Decreased RM101 to RM4,051.
January 2025: Dropped RM104 to RM4,014.
February and March 2025: Each declined RM105 to RM3,979 and RM3,945, respectively.
Market Sentiment: Traders are eyeing support at RM3,950 and resistance at RM4,100. The increase in trading volume to 132,344 lots from 84,940 on Thursday indicates heightened activity, while open interest slightly decreased.
Physical Price Update: The physical CPO price for October South decreased by RM40 to RM4,210 per tonne.
Conclusion
Profit-taking following a rally, along with external market pressures, led to lower CPO futures prices on Friday, marking a shift in market sentiment.
