CPO Futures Close Higher On El Nino-Driven Output Concerns
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Nov 13 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Friday, supported by bullish price expectations shared by leading analysts at a palm oil conference in Indonesia this week, said a dealer.
Iceberg X Sdn Bhd proprietary trader David Ng said the positive sentiment was mainly driven by expectations of lower palm oil output next year due to the El Niño weather phenomenon.
“We see immediate support at around RM4,350 per tonne and resistance at RM4,500, with market direction likely to remain sensitive to soybean oil, crude oil and fresh export estimates,” he told Bernama.
At the close, the November 2026 contract increased RM12 to RM4,180 per tonne, the December 2026 contract strengthened RM33 to RM4,326 per tonne, and the January 2027 contract gained RM22 to RM4,462 per tonne.
The February 2027 contract rose RM9 to RM4,565 per tonne, March 2027 edged up RM6 to RM4,658 per tonne, and April 2027 climbed RM9 to RM4,728 per tonne.
Trading volume eased to 126,549 lots from 156,894 lots on Thursday, while open interest widened to 454,619 contracts from 337,840 contracts previously.
The physical CPO price for November South remained unchanged at RM4,200 per tonne.
-- BERNAMA