CPO Futures Close Higher On Soybean Oil Gains

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, May 11 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Monday, tracking gains in Chicago Board of Trade (CBOT) soybean oil prices, a trader said.

Iceberg X Sdn Bhd proprietary trader David Ng said the rise in soybean oil prices supported CPO, as both are key vegetable oils competing in the global edible oils market.

He added that firmer crude oil prices and stronger export estimates for May also lifted market sentiment.

“Firmer crude oil prices are underpinning palm oil prices, given palm oil’s widespread use as a biofuel feedstock,” he told Bernama.

At time of writing, Brent crude rose 2.58 per cent to US$103.90 per barrel.

However, Ng said further gains were limited by rising stock levels and higher production.

According to the Malaysian Palm Oil Board (MPOB), Malaysia’s palm oil stocks rose 1.71 per cent to 2.30 million tonnes in April 2026 from 2.27 million tonnes in March, while CPO production surged 18.37 per cent to 1.63 million tonnes from 1.38 million tonnes a month earlier.

“We see prices supported above RM4,450 and resistance at RM4,600 a tonne,” he added.

At the close, the May 2026 contract rose RM17 to RM4,495 per tonne, June 2026 climbed RM12 to RM4,484 per tonne, while July and August 2026 added RM11 each to RM4,516 and RM4,532 per tonne, respectively.

The September 2026 contract gained RM15 to RM4,541 per tonne and October 2026 put on RM16 to RM4,548 per tonne.

Trading volume fell to 61,162 lots from 86,804 lots on Friday, while open interest eased to 280,839 contracts from 281,027 contracts previously.

The physical CPO price for May South declined RM10 at RM4,540 per tonne.

-- BERNAMA