CPO Futures Close Slightly Higher, Tracking Gains In Soybean Oil Prices
By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, April 15 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed slightly higher on Wednesday, in line with gains in Chicago Board of Trade (CBOT) soybean oil prices, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said the rise in soybean oil prices supported CPO, as both palm oil and soybean oil are major vegetable oils that compete in the global edible oils market.
He added that market sentiment was further lifted by firmer crude oil prices.
At the time of writing, Brent crude strengthened 0.6 per cent to US$95.36 per barrel.
"We locate price support at RM4,400 a tonne and resistance at RM4,550 a tonne," he told Bernama.
At the close, the April contract was unchanged at RM4,359 per tonne, while May 2026, June 2026 and July 2026 increased RM6 each to RM4,426, RM4,472 and RM4,497 per tonne, respectively.
The August 2026 contract edged up RM5 to RM4,494 per tonne and September 2026 inched up RM2 to RM4,481 per tonne.
Trading volume fell to 84,427 lots from 107,900 lots on Tuesday, while open interest rose slightly to 264,763 contracts from 264,587 contracts previously.
The physical CPO price for April South improved by RM30 to RM4,490 per tonne.
-- BERNAMA