By Muhammad Fawwaz Thaqif Nor Afandi and Abdul Hamid A Rahman
KUALA LUMPUR, Jan 16 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher today, supported by strong soybean oil prices on the Chicago Board of Trade (CBOT).
Kuala Lumpur-based Iceberg X Sdn Bhd proprietary trader David Ng said the strong performance was influenced by the Donald Trump administration’s plan to announce biofuel quotas by March.
“This will likely increase overall demand for soybean oil, which in turn is lifting sentiment in the palm oil market. As soybean oil prices strengthen, palm oil is seen as a competitive alternative, supporting buying interest among traders.
“This development has helped improve market sentiment, as stronger demand prospects for vegetable oils overall are expected to provide support to palm oil prices in the near term," he told Bernama.
It is reported by international media yesterday that the Trump administration plans to finalise the biofuel quotas in early March while dropping a plan to penalise imports of renewable fuels and feedstocks.
Ng said that prices are supported at RM4,000 and resistance at RM4,100.
At the close, the January 2026 contract gained RM65 to RM4,026 per tonne, February 2026 increased RM77 to RM4,057 per tonne, and March 2026 rose RM82 to RM4,072 per tonne.
The April 2026 contract edged up RM82 to RM4,079 per tonne, May 2026 strengthened RM84 to RM4,082 per tonne, and June 2026 surged by RM85 to RM4,077 per tonne.
Trading volume fell to 96,095 lots from 147,837 lots on Thursday, while open interest decreased to 249,340 contracts from 259,206 contracts previously.
The physical CPO price for January South increased by RM60 to RM4,050 per tonne.
-- BERNAMA
