CPO Futures Rebound On Stronger Crude Oil, Soybean Oil Prices

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, May 15 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a three-day losing streak to close higher on Friday, supported by stronger crude oil prices, a trader said.

Iceberg X Sdn Bhd proprietary trader David Ng said higher crude oil prices had lifted palm oil prices, given palm oil’s widespread use as a biofuel feedstock.

He added that market sentiment was also supported by gains in Chicago Board of Trade soybean oil prices.

“The rise in soybean oil prices supported CPO, as both are key vegetable oils competing in the global edible oils market.

“We see prices supported above RM4,300 per tonne, with resistance at RM4,500 per tonne,” he told Bernama.

At the time of writing, Brent crude went up 2.49 per cent to US$108.30 per barrel (US$1=RM3.93).

At the close, the May 2026 contract rose RM30 to RM4,380 per tonne, June 2026 increased RM28 to RM4,390 per tonne, and July 2026 edged up RM27 to RM4,420 per tonne.

August 2026 gained RM28 to RM4,437 per tonne, September 2026 added RM21 to RM4,449 per tonne, and October 2026 went up RM17 to 4,465 per tonne.

Trading volume rose to 98,554 lots from 93,138 lots on Thursday, while open interest inched up to 285,554 contracts from 285,504 contracts previously.

The physical CPO price for May South was RM20 higher at RM4,440 per tonne.

-- BERNAMA