CPO Futures Rebound On Higher CBOT Soybean Oil Prices
By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, July 16 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rebounded to close higher on Thursday, driven by stronger Chicago Board of Trade (CBOT) soybean oil prices.
Iceberg X Sdn Bhd proprietary trader David Ng said the rise in soybean oil prices supported CPO, as both are key vegetable oils competing in the global edible oils market.
Market sentiment was also lifted by expectations of firmer seasonal demand from key importing countries, he said.
“CPO prices were lifted by expectations of robust seasonal demand from China and India in the coming weeks, which outweighed concerns over ample palm oil supply.
“We see CPO prices supported at RM4,550 per tonne and resistance at RM4,680 per tonne,” he told Bernama.
At the close, the spot-month August 2026 contract gained RM7 to RM4,537 per tonne, while the September, October and November 2026 contracts added RM5 each to RM4,574, RM4,606 and RM4,637 per tonne, respectively.
December 2026 and January 2027 increased RM3 to RM4,668 and RM4,701 per tonne, respectively.
Trading volume edged down to 86,078 lots from 88,773 lots on Wednesday, while open interest declined to 284,166 contracts from 285,543 contracts previously.
The physical CPO price for July South was up by RM10 to RM4,540 per tonne.
-- BERNAMA