CPO Futures Close Mostly Higher Amid Stronger Soybean Oil Prices

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, March 12 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mostly higher due to stronger soybean oil prices, said palm oil trader David Ng.

He said concerns over output and low stock levels in the country also weighed on sentiment. 

“On a technical front, the CPO price is supported at RM4,400 per tonne and resistance is at RM4,650 per tonne,” Ng told Bernama.

Meanwhile, CGS International Securities Malaysia Sdn Bhd said the spot price of CPO is set to remain supported at current levels, trading in the range of RM4,500 to RM4,600 per tonne this month.

It said that the palm oil supply would remain tight in March due to reduced working hours during the fasting month, which may impact labour productivity.

“We anticipate that palm oil exports will remain weak in March due to demand rationing amid the CPO premium pricing against rival vegetable oils,” CGS International said in a note yesterday. 

According to a survey by Intertek Testing Services, Malaysia’s palm oil exports for the period of March 1-10, 2025, were 25 per cent lower month-on-month (m-o-m) compared to Feb 1-10, 2025. 

At the close, the March 2025 contract recovered RM22 to RM4,759 per tonne, April 2025 was unchanged at RM4,633 per tonne, and May 2025 shed RM1 to RM4,487 per tonne.

Meanwhile, the June 2025 contract was flat at RM4,370 per tonne, July 2025 fell RM6 to RM4,268 per tonne, and August 2025 shed RM3 to RM4,209 per tonne.

Trading volume eased to 94,670 lots from 114,939 lots on Tuesday, while open interest expanded to 244,703 contracts from 239,274 contracts previously.

The physical CPO price for March South rose RM10 to RM4,850 per tonne.

-- BERNAMA