CPO Futures End Higher In Line With Strong Soybean Oil Performance
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Feb 21 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday in line with the strong performance of soybean oil, said an analyst.
Palm oil trader David Ng said expectation of weaker output in the coming weeks was also seen lifting sentiment.
“We see prices supported at RM4,600 per tonne and resistance at RM4,750 per tonne,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the higher CPO futures were due to the strong momentum in the Chicago Board of Trade soybean oil and South American soybean oil market, as well as continued gains in Dalian Commodity Exchange palm olein, all driven by fund buying.
At the close, the March 2025 contract increased RM20 to RM4,836 per tonne, April 2025 rose RM26 to RM4,762 per tonne, and May 2025 went up RM22 to RM4,664 per tonne.
June 2025 gained RM18 to RM4,548 per tonne, July 2025 added RM14 to RM4,441 per tonne, and August 2025 climbed RM10 to RM4,367 per tonne.
Trading volume grew to 97,093 lots from 69,725 lots on Thursday, while open interest widened to 243,818 contracts from 239,575 previously.
The physical CPO price for March South improved RM20 to RM4,900 per tonne.
-- BERNAMA