By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Nov 15 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday, rebounding from the losses seen over the past three days, said Fastmarket Palm Oil Analytics senior analyst Sathia Varga.
Speaking to Bernama, he said the market sentiment was lifted by buying momentum, as traders shrugged off the earlier profit-taking wave to bet on supply tightness, further supported by gains in related vegetable oils.
Sathia added that the bullish sentiment also drove the palm olein’s strong gains on the Dalian exchange, buoyed by the cash market buying activities after prices eased in the last couple of days.
Meanwhile, independent inspection company, AmSpec Agri Malaysia noted that the export of Malaysian palm oil products for the Nov 1-15, 2024 period fell by 6.0 per cent to 707,932 tonnes, compared to 753,102 tonnes shipped during the Oct 1-15, 2024 period.
At the close, the spot month November 2024 contract remained unchanged at RM5,151 per tonne, while December 2024 surged RM116 to RM5,119 and January 2025 advanced by RM124 to RM5,088.
February 2025 rose by RM131 to RM5,053 per tonne, March 2025 added RM124 to RM4,952 and April 2025 was RM117 higher at RM4,830.
Trading volume surged to 253,114 lots from 135,018 on Thursday, while open interest declined to 112,146 contracts from 247,747 previously.
The physical CPO price for November South climbed by RM70 to RM5,170 per tonne.
-- BERNAMA
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