CPO Futures Close Higher On Crude Oil, Soybean Oil Gains

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, June 3 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Wednesday as trading resumed after the recent public holidays, supported by gains in crude oil and soybean oil prices, a trader said.

Iceberg X Sdn Bhd proprietary trader David Ng said sentiment was further lifted by expectations of lower palm oil production in the coming weeks.

“I reckon the weaker output is mainly seasonal and based on estimates. Therefore, we see support at RM4,500 per tonne and resistance at RM4,750 per tonne,” he said.

He also cited data from the Southern Peninsular Palm Oil Millers Association (SPPOMA), which showed palm oil production for the May 1-31 period declined by 10.07 per cent.

At the time of writing, Brent crude rose 2.08 per cent to US$98.00 per barrel, lending additional support to palm oil prices.

At the close, the June 2026 and July 2026 CPO contracts rose RM135 each to RM4,605 per tonne and RM4,638 per tonne, respectively. The August 2026 contract gained RM142 to RM4,677 per tonne, while the September 2026 and October 2026 contracts advanced RM144 each to RM4,705 per tonne and RM4,734 per tonne, respectively. The November 2026 contract added RM141 to RM4,761 per tonne.

Trading volume increased to 104,077 lots from 76,012 lots last Friday, while open interest rose to 289,868 contracts from 285,715 contracts previously.

Meanwhile, the physical CPO price for June South gained RM150 to RM4,640 per tonne.

Bursa Malaysia and its subsidiaries were closed on Monday, June 1, and Tuesday, June 2, in conjunction with the King's Birthday and the Wesak Day replacement holiday, before trading resumed on Wednesday.

-- BERNAMA