By Danni Haizal Danial Donald
KUALA LUMPUR, Nov 8 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives hit a two-year high, as prices rallied to above RM5,000 per tonne, a trader said.
Palm oil trader David Ng said the market outlook remains positive with Indonesia implementing a higher biodiesel mandate next year which will boost demand for palm oil.
“Market sentiment was also influenced by weaker output pace. Hence, we see prices well supported above RM4,800 per tonne and resistance at RM5,150 per tonne,” he told Bernama.
FastmarketS Palm Oil Analytics senior analyst Sathia Varqa said CPO futures notched a 30-month high, supported by a strong biodiesel demand outlook amidst a tight first-quarter production view.
At the close, the spot month November 2024 contract rose RM122 to RM5,160 per tonne, December 2024 surged RM148 to RM5,144 per tonne and January 2025 advanced by RM149 to RM5,101 per tonne.
February 2025 rose by RM142 to RM5,039 per tonne, March 2025 added RM134 to RM4,938 per tonne, and April 2025 was RM131 higher at RM4,821 per tonne.
Trading volume grew to 123,802 lots from 104,193 on Thursday, while open interest fell to 239,911 contracts from 245,610 previously.
The physical CPO price for November South soared by RM90 to RM5,160 per tonne.
-- BERNAMA
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