By K. Naveen Prabu
KUALA LUMPUR, March 6 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher today, supported by stronger crude oil prices amid United States-Iran conflict, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said the market rallied above RM4,100 per tonne, tracking gains in crude oil prices following escalating geopolitical developments in the Middle East.
“We see CPO prices supported at RM4,250 per tonne with resistance at RM4,380,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil prices have risen to a four-month high, spurred by a bullish energy price outlook.
“The rise follows news from Qatar’s Ministry of Energy pointing to stronger energy prices, which has lifted sentiment in the vegetable oils market,” he said.
At the close, the March 2026 contract rose RM154 to RM4,250 per tonne, the April 2026 contract increased RM156 to RM4,336 per tonne, and the May 2026 contract gained RM160 to RM4,367 per tonne.
The June 2026 contract added RM157 to RM4,275 per tonne, the July 2026 contract went up RM148 to RM4,365 per tonne, and the August 2026 contract advanced RM139 to RM4,347 per tonne.
Trading volume grew to 168,359 lots from 127,102 on Thursday, while open interest widened to 224,475 contracts from 218,820 contracts yesterday.
The physical CPO price for March South improved by RM140 to RM4,160 per tonne.
-- BERNAMA
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