By K. Naveen Prabu
KUALA LUMPUR, Jan 29 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher today on expectations of stronger export demand in the coming weeks, a dealer said.
Proprietary trader David Ng of Iceberg X Sdn Bhd said weaker production also underpinned market sentiment. “We see (CPO) supported above RM4,280 with resistance at RM4,480 a tonne,” he told Bernama.
Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said waves of buying, driven by positive sentiment, lifted CPO futures higher, although some profit-taking emerged. “A reversal in the ringgit against the dollar also aided the rise in palm futures,” he added.
The ringgit closed lower against the greenback today following the US Federal Reserve's decision to keep interest rates unchanged, which supported the greenback.
At the close, the February 2026 contract rose RM22 to RM4,220 per tonne, March 2026 gained RM42 to RM4,298, and April 2026 added RM45 to RM4,317.
The May 2026 contract climbed RM46 to RM4,312 per tonne, June 2026 increased RM44 to RM4,292, and July 2026 added RM43 to RM4,266.
Trading volume increased to 97,561 lots from 73,426 on Wednesday, while open interest went up to 218,191 contracts from 216,758 previously.
The physical CPO price for February South increased RM30 to RM4,240 per tonne.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
