CPO Futures Extend Gains On Stronger Export Demand
By Danni Haizal Danial Donald
KUALA LUMPUR, Oct 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives extended their gains on Friday, supported by stronger export demand.
Iceberg X Sdn Bhd proprietary trader David Ng said market sentiment was further bolstered by firm energy prices and gains in soybean oil futures.
“However, elevated Malaysian palm oil inventories continued to cap gains,” he told Bernama.
The Malaysian Palm Oil Council (MPOC) reported yesterday that India is expected to rely more heavily on palm oil imports to meet its vegetable oil requirements in the coming months, particularly to replenish stocks following the Deepavali celebrations in November.
“A similar trend is expected in China, where reduced soybean supplies from Brazil could encourage higher palm oil consumption,” it said.
At the close, the November 2026 contract gained RM36 to RM4,587 per tonne, the December 2026 contract rose RM38 to RM4,733, and the January 2027 contract added RM26 to RM4,818.
The February 2027 contract advanced RM17 to RM4,902 per tonne, March 2027 edged up RM9 to RM4,976 per tonne, and April 2027 inched up RM10 to RM5,030 per tonne.
Trading volume expanded to 91,028 lots from 78,548 on Thursday, while open interest climbed to 341,116 contracts from 336,766 previously.
The physical CPO price for November South gained RM20 to RM4,550 per tonne.
-- BERNAMA