By K. Naveen Prabu
KUALA LUMPUR, March 3 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher today, tracking the continued rally in crude oil prices amid the ongoing US-Iran conflict.
Iceberg X Sdn Bhd proprietary trader David Ng said the conflict in the Middle East has pushed crude oil prices higher, which in turn supported palm oil prices.
“We see CPO prices supported above RM4,100 with resistance at RM4,280 per tonne,” he told Bernama.
At the time of writing, Brent crude oil price rose 6.56 per cent to US$82.84 per barrel.
At the close, the March 2026 contract increased RM22 to RM4,080 per tonne, the April 2026 contract increased RM32 to RM4,164 per tonne, and the May 2026 contract increased RM39 to RM4,186 per tonne.
The June 2026 contract increased RM44 to RM4,194 per tonne, the July 2026 contract increased RM44 to RM4,192 per tonne, and the August 2026 contract increased RM42 to RM4,184 per tonne.
Trading volume increased to 85,265 lots from 85,168 on Monday, while open interest went up to 225,871 contracts from 224,728 contracts previously.
The physical CPO price for March South rose RM10 to RM4,100 per tonne.
-- BERNAMA
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