CPO Futures Close Higher On Stronger Export Pace, Expectation Of Weaker Output

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Oct 21 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Monday due to a stronger export pace and the expectation of weaker output in the coming weeks, said a dealer.

Palm oil trader David Ng noted that CPO production has entered a period of seasonally lower yields, typically resulting in reduced output. “This is expected to decrease the country's overall stock levels, which in turn will provide support for CPO prices. We see support at RM4,200 and resistance at RM4,380,” he told Bernama.

According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for Oct 1-20 rose 9.5 per cent to 976,822 tonnes from 892,017 tonnes shipped during Sept 1-20.

At today’s close, the spot month November 2024 contract gained RM48 to RM4,366 per tonne while December 2024 climbed RM48 to RM4,322 and January 2025 added RM44 to RM4,299.

The February 2025 note rose by RM36 to RM4,259 per tonne, March 2025 surged by RM33 to RM4,222 and April 2025 added  RM27 to RM4,179.

Trading volume fell to 54,971 lots from 104,397 on Friday while open interest dropped to 255,657 contracts from 258,075 previously.

The physical CPO price for October South was unchanged at RMM4,400 per tonne.

-- BERNAMA