KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rallied to above RM4,900 per tonne for November and December 2024 contracts, supported by higher crude oil and soybean oil prices, a trader said. Palm oil trader David Ng noted that weaker output expectations and lower stock levels also supported market sentiment. “We see support at RM4,850 and resistance at RM5,000,” he told Bernama.
According to BERNAMA News Agency, Fastmarket Palm Oil Analytics senior analyst Sathia Varqa indicated that CPO futures have reached another 28-month high, driven by bullish market sentiments. The market optimism was bolstered by strong October export performance and weaker production, with end-month stocks expected to decrease.
At the close, the spot month November 2024 contract rose RM8 to RM4,984 per tonne, while December 2024 surged RM26 to RM4,940 per tonne. January 2025 advanced by RM23 to RM4,891 per tonne. Additionally, February 2025 rose by RM25 to RM4,833 per tonne, March 2025 added RM27 to RM4,
753 per tonne, and April 2025 increased by RM21 to RM4,658 per tonne.
Trading volume saw a decline to 70,549 lots from 83,410 on Friday, while open interest decreased to 242,438 contracts from 246,507 previously. The physical CPO price for November South soared RM40 to RM5,020 per tonne.