CPO Futures End Higher On Stronger Soybean Oil, Crude Oil Prices
KUALA LUMPUR, Feb 19 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday, driven by stronger soybean oil prices on the Chicago Board of Trade and firm crude oil prices, an analyst said.
Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa noted that the imminent implementation of B40 and seasonal Ramadan demand also sparked buying momentum, pushing CPO to a two-month high.
“Additionally, a strong cash market transaction further supported the buying momentum,” he told Bernama.
Echoing Sathia, palm oil trader David Ng said that CPO rallied above RM4,600 today, supported by stronger soybean oil prices, with support seen at RM4,550 per tonne and resistance at RM4,750 per tonne.
At the close, the March 2025 contract increased by RM154 to RM4,848 per tonne, April 2025 was up by RM171 to RM4,757 per tonne, and May 2025 advanced by RM168 to RM4,672 per tonne.
June 2025 gained RM152 to RM4,564 per tonne, while July 2025 picked up RM138 to RM4,463 per tonne and August 2025 grew RM131 to RM4,394 per tonne.
Trading volume increased to 112,708 lots from 78,378 lots on Tuesday, while open interest rose to 242,406 contracts from 237,913 previously.
The physical CPO price for March South rose RM160 to RM4,880 per tonne.