By Harizah Hanim Mohamed

KUALA LUMPUR, March 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives finished easier for the second consecutive day, tracking weakness in the Chicago soybean oil market.

However, palm oil trader David Ng said the commodity’s price is likely to rebound due to strong CPO exports. “We see support at RM4,150 and resistance at RM4,300,” he told Bernama.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures traded sharply lower today on profit-taking, following weakness in the competing soy oil, as well as rapeseed oil and crude oil. “The selloff in Chinese vegetable oil futures has also been a great concern for palm oil, as prices are at a premium over soft oils,” he added.

At the close, the spot month April 2024 contract fell RM76 to RM4,256 a tonne, May 2024 was down RM89 to RM4,208, and June 2024 erased RM100 to RM4,136.

The July 2024 note lost RM95 to RM4,051 a tonne while August 2024 was RM91 lower at RM3,964.

Total volume jumped to 73,849 lots from 47,272 lots yesterday while open interest slipped to 287,917 contracts from 289,462 contracts.

The physical CPO price for April South was down RM80 at RM4,300 a tonne from yesterday’s RM4,380.

Bursa Malaysia and its subsidiaries will be closed tomorrow in conjunction with Nuzul Al-Quran.

-- BERNAMA