CPO Futures Close Higher On Stronger Crude, Vegetable Oil Prices
By Danni Haizal Danial Donald
KUALA LUMPUR, Oct 20 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Tuesday, supported by stronger crude oil and vegetable oil prices.
At the time of writing, Brent crude oil prices rose by 1.14 per cent to US$110.69 per barrel.
Iceberg X Sdn Bhd proprietary trader David Ng said the anticipated slowdown in palm oil production towards year-end, coupled with persistent labour shortages and potential El Niño-related disruptions in 2027, provides underlying support for palm oil prices.
“Hence, we see immediate support around RM4,770-RM4,785 per tonne, while resistance is expected at RM4,800-RM4,820 per tonne,” he told Bernama.
However, Ng said further gains could be capped by concerns over higher palm oil inventories and expectations of record Malaysian palm oil production in October.
At the close, the November 2026 contract rose RM80 to RM4,595 per tonne, the December 2026 contract increased RM66 to RM4,732 per tonne, and January 2027 gained RM51 to RM4,817 per tonne.
Meanwhile, the February 2027 contract edged up RM41 to RM4,898 per tonne, March 2027 rose RM32 to RM4,968 per tonne, and April 2027 improved RM24 to RM5,017 per tonne.
Trading volume rose to 142,270 lots from 106,846 on Monday, while open interest advanced to 334,160 contracts from 332,357 previously.
The physical CPO price for November South increased RM30 to RM4,560 per tonne.
-- BERNAMA