CPO Futures End Higher Amid Escalating West Asia Conflict

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, April 20 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Monday, amid escalating tensions in West Asia, said a trader.

Iceberg X Sdn Bhd proprietary trader David Ng said the situation in West Asia has lifted CPO prices in line with higher crude oil prices, as palm oil is used for biodiesel.

“We see support at RM4,500 per tonne and resistance at RM4,680 per tonne,” he told Bernama.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures ended higher today following a surge in oil prices as the United States-Iran ceasefire has ended prematurely.

He said that the fundamentals of palm oil are still unstable, and the recovery is unlikely to be sustained unless there is a further rebound in energy prices.

“Oil prices rebounded by more than seven per cent on Monday, following a drop of over nine per cent on Friday. This fluctuation came after the closure of the Strait of Hormuz, which occurred when the US and Iran accused each other of violating a ceasefire agreement by attacking ships,” said Anilkumar.

At the close, the May 2026 contract was up RM69 to RM4,455 per tonne, June 2026 increased RM65 to RM4,487 per tonne, and July 2026 gained RM48 to RM4,498 per tonne.

The August 2026 contract edged up RM41 to RM4,498 per tonne, September 2026 added RM39 to RM4,488 per tonne, and October 2026 elevated RM40 to RM4,475 per tonne.

Trading volume decreased to 84,757 lots from 91,998 lots on Friday, while open interest slid to 252,691 contracts from 260,192.

The physical CPO price for May South rose RM40 to RM4,500 per tonne.

-- BERNAMA