By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, April 22 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today on stronger soybean oil and crude oil prices, said palm oil trader David Ng.
According to reports, soybean futures rose on signs of strong demand for United States (US) crops, as a weaker US dollar makes exports more competitive.
“We see support at RM3,900 per tonne and resistance at RM4,100 per tonne,” Ng told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said Malaysia’s palm oil export performance for April has been promising, while production is also recovering, albeit at a slower pace than expected.
Additionally, the recovery in energy and soybean oil prices, as well as improved demand from India, have helped palm oil’s performance.
“However, stronger Malaysian ringgit and the global economic uncertainty continued to cap gains,” he said.
In a statement today, the Malaysian Palm Oil Council (MPOC) said palm oil prices are expected to remain supported at RM3,900 per tonne in the coming weeks, underpinned by the recovery in soybean oil prices.
The MPOC noted that Malaysian palm oil stocks increased in March 2025 after six consecutive months of decline, rising to 1.56 million tonnes.
The increase was driven by a 16.8 per cent month-on-month rise in palm oil production, following delayed harvests in February due to heavy rainfall and flooding.
At the close, the May 2025 contract recovered RM38 to RM4,108 per tonne, June 2025 rose RM49 to RM4,011 per tonne, July 2025 expanded RM56 to RM3,966 per tonne, August 2025 added RM58 to RM3,952 per tonne, September 2025 gained RM61 to RM3,945, and October 2025 grew RM57 to RM3,939 per tonne.
Trading volume expanded to 86,695 lots from 70,503 lots on Monday, while open interest eased to 235,300 contracts from 238,488 yesterday.
The physical CPO price for May South was RM30 higher at RM4,150 per tonne.
-- BERNAMA
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