CPO Futures Close Higher After Indonesia Shed Light On Biodiesel Programme

KUALA LUMPUR, Jan 3 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday, as the Indonesian government shed light on its biodiesel programme, said palm oil dealer David Ng.

He told Bernama that the market reacted positively to the Indonesian government’s extensive explanation about the implementation of the biodiesel programme.

“Expectation of weaker output was also seen as a supporting factor. We see prices supported at RM4,250 and resistance at RM4,450,” he noted.

At the close, the January 2025 contract increased by RM33 to RM4,723 per tonne, February 2025 inched up by RM27 to RM4,511, while March 2025 and April 2025 gained RM35 each to RM4,368 and RM4,247, respectively.

Meanwhile, the May 2025 contract increased by RM29 to RM4,161 per tonne, and June 2025 improved by RM27 to RM4,112.

Trading volume rose to 87,677 lots from 74,951 lots on Thursday, while open interest decreased to 233,618 contracts from 234,076 contracts yesterday.

The physical CPO price for January South contracted by RM150 to RM4,800 per tonne.

-- BERNAMA