By Siti Noor Afera Abu
KUALA LUMPUR, May 8 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher today, rebounding from a seven-day losing streak as bargain hunters stepped in after the recent price decline.
Palm oil trader David Ng said firmer prices were also underpinned by strength in the soybean oil market, with key support and resistance levels seen at RM3,700 and RM3,900 per tonne, respectively.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani noted that although CPO futures opened lower, they quickly found support due to Indian buying and short covering following recent steep declines.
“India has been leading palm oil purchases this week due to its competitive pricing compared to rivals, securing around 100,000 tonnes so far,” he told Bernama.
At the close, May 2025 rose RM47 to RM3,772 per tonne, June 2025 increased RM65 to RM3,797 per tonne, July 2025 went up RM73 to RM3,801 per tonne, August 2025 added RM86 to RM3,820 per tonne, September 2025 gained RM92 to RM3,833 per tonne, and October 2025 climbed RM95 to RM3,846 per tonne.
Trading volume advanced to 96,041 lots from 91,358 yesterday, while open interest rose to 235,144 contracts from 234,996 contracts previously.
The physical CPO price for May South stood at RM3,820 per tonne.
-- BERNAMA
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