By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, April 2 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday, tracking stronger soybean oil prices and higher export estimates, said palm oil trader David Ng.
He said the higher export performance was driven by seasonally higher demands.
“There are two major reasons for the strong demand seen so far, which are stronger seasonal demands from China and India, and Indonesia’s higher tax levy on CPO exports, making Malaysian palm oil more attractive, leading to increased demand.
“We see support at RM4,500 per tonne and resistance at RM4,650 per tonne,” he told Bernama.
At the close, the April 2025 contract rose RM80 to RM4,842 per tonne, May 2025 increased by RM97 to RM4,648 per tonne, and June 2025 surged RM98 to RM4,517 per tonne.
July 2025 advanced by RM96 to RM4,408 per tonne, August 2025 increased by RM91 to RM4,330 per tonne, and September 2025 climbed RM83 to RM4,283 per tonne.
Trading volume fell to 78,829 lots from 89,655 lots last Friday, while open interest inched down to 256,769 contracts from 258,352 contracts previously.
The physical CPO price for April South was RM70 higher at RM4,900 per tonne.
-- BERNAMA
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