CPO Futures End Higher On Bullish MPOB Report

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Jan 10 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday, driven by a bullish report from the Malaysian Palm Oil Board (MPOB), said palm oil dealer David Ng.

He noted that low stock levels are positive for prices in the near term.

“We see support at RM4,250 and resistance at RM4,540 per tonne,” Ng told Bernama.

According to MPOB, Malaysia’s palm oil exports in December 2024 fell 9.97 per cent to 1.34 million tonnes, down from 1.49 million tonnes in the preceding month.

In its December 2024 industry performance report, MPOB said CPO production for the month slid by 8.30 per cent, or 134,508 tonnes, to 1.49 million tonnes, compared to 1.62 million tonnes in November.

At the close, the January 2025 contract added RM75 to RM4,710 per tonne, February 2025 contract gained RM102 to RM4,561 per tonne, March 2025 contract rose by RM95 to RM4,391 per tonne, April 2025 gained RM98 to RM4,285 per tonne, May 2025 put on RM96 to RM4,209 per tonne and the June 2025 contract expanded by RM92 to RM4,167 per tonne.

Trading volume fell to 77,607 lots from 106,194 lots yesterday, while open interest rose to 229,080 contracts from 225,556 contracts.

The physical CPO price for January South rose by RM60 to RM4,760 per tonne.

-- BERNAMA