CPO Futures Ends Higher, Tracking Gains In Soybean Oil

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, July 20 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Monday, tracking gains in soybean oil and crude oil prices, amid renewed tension in West Asia, according to a trader.

Iceberg X Sdn Bhd proprietary trader David Ng said expectation of better export demand also lifted market sentiment.

“We see prices supported above RM4,500 per tonne and resistance at RM4,650 per tonne,” he told Bernama.

Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said talks of a super strong El-Nino have started to gain traction once again, helping palm oil prices to move higher.

“The market is now waiting for July 1-15 palm oil export data from Intertek Testing Services (ITS) and AmSpec Agri Malaysia (AmSpec), and the production outlook report from Southern Peninsula Palm Oil Millers' Association, UOB Kay Hian and Malaysian Palm Oil Association,” he said.

At the close, the spot-month August 2026 contract increased RM39 to RM4,568 per tonne, while the September 2026 contract rose RM43 to RM4,608 per tonne and the October 2026 contract jumped RM46 to RM4,643.

The November 2026 contract improved RM43 to RM4,673 per tonne, December 2026 added RM42 to RM4,705, and January 2027 gained RM38 to RM4,735.

Trading volume dropped to 57,818 lots from 64,100 lots last Friday, while open interest edged down to 286,708 contracts from 286,716 contracts previously.

The physical CPO price for August South went up RM40 to RM4,580 per tonne.

-- BERNAMA