CPO Futures End Higher On Expectations Of Weaker Output

KUALA LUMPUR, Jan 7 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday on the expectation of weaker output in the coming weeks, said palm oil dealer David Ng.

“We see support at RM4,250 and resistance at RM4,450 a tonne,” Ng told Bernama.

Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa noted that CPO futures had been highly volatile this week amid a mixed crude oil performance and a stronger ringgit.

At 6 pm, the ringgit bounced to 4.4850/4900 against the greenback from Monday’s close of 4.5090/5135.

At the close, the January 2025 and February 2025 contracts gained RM23 to RM4,713 and RM4,506 per tonne, respectively.

The March 2025 contract added RM27 to RM4,365 per tonne, April 2025 gained RM34 to RM4,267, May 2025 put on RM38 to RM4,197 and the June 2025 contract expanded RM44 to RM4,155.

The trading volume rose to 97,738 lots from 84,275 lots yesterday, while open interest dropped to 231,390 contracts from 233,493 contracts.

The physical CPO price for January South rose by RM20 to RM4,750 per tonne.

-- BERNAMA