By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Dec 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Monday supported by the rebound of soybean oil in the Dalian Commodity Exchange and Zhengzhou Commodity Exchange rapeseed oil futures, said a trader.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the news of Indonesia raising its export levies on CPO to 10 per cent from 7.5 per cent, along with the launch of B40 biodiesel mandate from Jan 1, 2025 has provided support to the bullish market sentiment.
"Additionally, the resumption of destination demand from India, China and Pakistan has helped. These countries were reasonably active in palm oil buying last week following the massive price correction,” he told Bernama.
Palm oil trader David Ng said the concern over weaker CPO output had supported the commodity to trade higher due to higher demand.
“We see support at RM4,400 per tonne and resistance at RM4,600 per tonne,” he said.
At the close, the January 2025 contract increased by RM139 to RM4,901 per tonne and February 2025 rose by RM112 to RM4,683 and March 2025 surged by RM109 to RM4,542.
Meanwhile, the April 2025 contract climbed by RM109 to RM4,412 per tonne, May 2025 advanced by RM108 to RM4,315 and June 2025 improved RM108 to RM4,249.
Trading volume fell to 48,992 lots from 116,508 lots on the previous day, while open interest eased to 241,663 contracts from 244,206 .
The physical CPO price for January South increased by RM60 to RM4,960 per tonne.
-- BERNAMA
