CPO Futures End Higher On Stronger Crude Oil, Soybean Oil Prices
By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, July 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Thursday, driven by stronger crude oil and soybean oil prices amid tensions in West Asia.
Iceberg X Sdn Bhd proprietary trader David Ng said CPO prices rallied above RM4,650 per tonne as higher crude oil prices improved the attractiveness of palm oil as a biodiesel feedstock, while gains in soybean oil provided additional support to the edible oils market.
"We see prices remaining well supported above RM4,600 per tonne, with immediate resistance at RM4,780 per tonne," he told Bernama.
At the time of writing, the benchmark Brent crude oil stood at US$99.62 per barrel.
At the close, the August 2026 contract gained RM66 to RM4,596 per tonne, the September 2026 contract jumped RM80 to RM4,663 per tonne, and the October 2026 contract rose RM88 to RM4,710.
The November 2026 contract soared RM87 to RM4,741 per tonne, the December 2026 contract surged RM85 to RM4,768 per tonne, and the January 2027 contract improved RM82 to RM4,793.
Trading volume rose to 137,068 lots from110,403 lots on Wednesday, while open interest increased to 300,098 contracts from 291,077 contracts yesterday.
The physical CPO price for August South was RM60 higher at RM4,600 per tonne.
-- BERNAMA