CPO Futures Close Higher Tracking Stronger Crude Oil Prices
By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, April 13 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Monday, tracking stronger crude oil prices amid the ongoing conflict in West Asia, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said higher crude oil prices are supporting the market as they indirectly push palm oil prices higher.
“The rise in crude oil prices has lifted palm oil prices, as the commodity is widely used as a biofuel feedstock,” he told Bernama.
At the time of writing, Brent crude rose 7.45 per cent to US$102.30 per barrel.
Ng added that market sentiment was also supported by gains in Chicago Board of Trade (CBOT) soybean oil prices.
“We see support at RM4,500 per tonne and resistance at RM4,680 per tonne,” he added.
At the close, the April contract eased RM41 to RM4,450, May 2026 contract increased RM11 to RM4,511 per tonne, while the June 2026 contract rose RM17 to RM4,555 per tonne.
The July 2026 contract gained RM21 to RM4,572 per tonne, the August 2026 contract added RM27 to RM4,566 per tonne and the September 2026 contract firmed RM29 to RM4,549 per tonne.
Trading volume edged up to 66,741 lots from 66,606 lots on last Friday, while open interest fell to 256,371 contracts from 258,033 contracts.
The physical CPO price for April South remained unchanged at RM4,580 per tonne.
-- BERNAMA