CPO FUTURES RALLY ABOVE RM4,500 PER TONNE, HIGHEST SINCE OCTOBER LAST YEAR

By Danni Haizal Danial Donald

KUALA LUMPUR, March 9 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher today, rallying above RM4,500, the highest level since last October.

Iceberg X Sdn Bhd proprietary trader David Ng said the higher prices were mainly supported by a massive rally in the energy market driven by the ongoing Middle East conflict.

“We see prices supported above RM4,450 per tonne and face the next price resistance at RM4,800 per tonne,” he told Bernama.

Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said CPO showed resilience due to strong support for crude oil prices.

He said the benchmark Chicago Mercantile Exchange (CME) Fastmarkets South Asia CPO prices were up nine per cent from Friday to mid-day today.

“Additionally, the market participant will be watching for the Malaysian Palm Oil Board (MPOB) February supply and demand results due tomorrow,” he said.

At the close, the March 2026 and April 2026 contracts rose RM204 each to RM4,454 and RM,4540 per tonne, respectively. The May 2026 contract gained RM200 to RM4,567 per tonne.

The June 2026 contract added RM184 to RM4,559 per tonne, the July 2026 contract went up RM170 to RM4,535 per tonne, and the August 2026 contract advanced RM155 to RM4,502 per tonne.

Trading volume grew to 220,402 lots from 168,359 last Friday, while open interest widened to 237,662 contracts from 224,475 contracts previously.

The physical CPO price for March South improved by RM340 to RM4,500 per tonne.

-- BERNAMA