By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, May 19 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Monday, supported by the uptrend in the soybean oil market, said palm oil trader David Ng.
He said the weaker ringgit is also a supporting factor for the near-term sentiment.
“We see support at RM3,800 per tonne and resistance at RM4,000,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures rebounded on renewed demand optimism, particularly from key markets such as India, China and Africa.
He said the recovery was also supported by expectations of a five to nine per cent rise in Malaysia’s palm oil exports for the May 1-20, 2025 period, with actual figures due tomorrow.
“Declining palm prices, recovery in palm discount, and lower CPO exports for Malaysia in June shipments likely boosted palm prices higher today,” he added.
At the close, the new spot month of June 2025 rose RM52 to RM3,891 per tonne, July 2025 increased RM65 to RM3,893 per tonne, and August 2025 went up RM67 to RM3,882 per tonne.
September 2025 advanced RM66 to RM3,874 per tonne, October 2025 gained RM63 to RM3,872 per tonne, and November 2025 rose RM59 to RM3,877 per tonne.
Trading volume slid to 56,961 lots from 74,573 on Friday, while open interest decreased to 237,903 contracts from 239,366 previously.
The physical CPO price for June South edged up RM40 to RM3,950 per tonne.
-- BERNAMA
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