By Siti Noor Afera Abu
KUALA LUMPUR, Feb 6 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Thursday for the second straight day, driven by weaker output expectations.
Palm oil trader David Ng noted that the firmer prices were also supported by stronger soybean oil prices during Asian trading hours. “We expect (the commodity’s) price to find support at RM4,350 and resistance at RM4,480,” he told Bernama.
Echoing the same view, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said adverse weather conditions in Malaysia and Indonesia have disrupted palm oil production and transportation. He also noted that India’s palm oil imports hit a decade-low in January, raising expectations of renewed buying to replenish stocks ahead of Ramadan.
At the close, the February 2025 contract rose RM65 to RM4,678 per tonne, March 2025 increased RM69 to RM4,508 and April 2025 improved by RM69 to RM4,403.
The May 2025 note gained RM64 to RM4,314 per tonne, June 2025 added RM57 to RM4,237 and July 2025 climbed RM50 to RM4,179.
Trading volume jumped to 80,473 lots from 74,758 lots on Wednesday while open interest widened to 223,563 contracts from 221,110 previously.
The physical CPO price for February South increased RM70 to RM4,730 per tonne.
-- BERNAMA
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