By K. Naveen Prabu
KUALA LUMPUR, March 5 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher today, supported by stronger crude oil prices amid the United States-Iran conflict, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said higher crude oil prices were lending support to palm oil prices.
“We see CPO prices supported above RM4,150 per tonne with resistance at RM4,300 per tonne,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said gains in palm oil prices were driven by firmer crude prices as well as stronger soybean oil prices.
“Optimism over easing palm oil stocks in Malaysia as at end-February is also fueling the rise in palm oil prices,” he said.
At the close, the March 2026 and April 2026 contracts increased RM25 each to RM4,096 and RM4,180 per tonne, respectively, while the May 2026 contract rose RM28 to RM4,207 per tonne.
The June 2026 and July 2026 contracts gained RM29 each to RM4,218 and RM4,217 per tonne, respectively, while the August 2026 contract added RM28 to RM4,208 per tonne.
Trading volume grew to 127,102 lots from 76,192 on Wednesday, while open interest went down to 218,820 contracts from 221,298 contracts previously.
The physical CPO price for March South increased RM20 to RM4,120 per tonne.
-- BERNAMA
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