By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, March 19 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday, reversing earlier losses amid stronger soybean oil prices, said palm oil trader David Ng.
He said the rise in soybean oil is due to stronger demand prospects, mainly from India and China.
“Bad weather is developing in certain key growing areas, which may affect crop outlook and, thus, support prices for bean oils.
“We see support at RM4,350 and resistance at RM4,580,” he told Bernama today.
At the close, the new spot month of April 2025 jumped RM29 to RM4,634 per tonne, May 2025 increased by RM26 to RM4,492, and June 2025 climbed by RM23 to RM4,389.
The July 2025 contract gained RM17 to RM4,286 per tonne, August 2025 and September 2025 added RM19 each to RM4,214 and RM4,175, respectively.
Trading volume surged to 96,070 lots from 80,160 on Monday’s close, while open interest decreased to 250,149 contracts from 250,640 contracts previously.
The physical CPO price for March South eased RM20 at RM4,780 per tonne.
-- BERNAMA
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