By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Feb 3 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, extending gains for the fifth consecutive day of trading on the back of stronger soybean oil and crude oil prices.
“We see (the commodity’s) price well supported above RM4,300 per tonne with resistance at RM4,450,” palm oil dealer David Ng told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the recovery in BMD’s CPO futures has been partly driven by short covering. “At the same time, the trade tensions between the US, Mexico, Canada and China, due to the imposition of new tariffs by the US on goods from those countries, have caused soy oil prices in the US to rise sharply,” he added.
US President Donald Trump has imposed 25 per cent tariffs on goods from Mexico and Canada, and 10 per cent on goods from China.
In response, Canada announced it would impose 25 per cent tariffs on a range of US imports, with Prime Minister Justin Trudeau warning that these actions would have significant consequences for the United States.
At the close, the February 2025 contract gained RM75 to RM4,627 per tonne, March 2025 added RM67 to RM4,471 and April 2025 rose RM78 to RM4,367.
The May 2025 note improved by RM83 to RM4,281 per tonne, June 2025 added RM78 to RM4,218 and July 2025 rose RM77 to RM4,178.
Trading volume increased to 62,329 lots from 51,221 lots on Friday while open interest climbed to 219,875 contracts from 219,710 previously.
The physical CPO price for February South added RM40 to RM4,690 per tonne.
-- BERNAMA
