CPO Futures Close Higher, Tracking Stronger Soybean Oil
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 22 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Tuesday, tracking rising soybean oil futures on the Chicago Board of Trade (CBOT) and the crude degummed soybean oil (CDSBO) market in South America overnight.
Sunvin Group head of commodity research, Anilkumar Bagani, said the rapeseed oil futures traded on the Zhengzhou Commodity Exchange (ZCE) and a stronger ringgit against the US dollar capped the gains in palm oil. 'According to The Malaysian Palm Oil Council (MPOC), palm oil prices are expected to trade between RM4,100 to RM4,300 per tonne over the next month. The projection was driven by a strong soybean oil market and festive demand from India,' he told Bernama.
Palm oil trader David Ng said the commodity's prices were boosted by stronger soybean oil and Dalian palm olein prices. 'We see support at RM4,200 and resistance at RM4,400,' he added.
At the close, the spot-month August contract gained RM22 to RM4,196 per tonne, the September 2025 contract added RM30 to RM4,246, and the October 2025 contract rose RM39 to RM4,264.
The November 2025 contract advanced RM42 to RM4,271, December 2025 climbed RM43 to RM4,270, and January 2026 gained RM38 to RM4,262 per tonne.
Trading volume eased to 75,575 lots from 75,830 on Monday, while open interest declined to 231,767 contracts from 235,195 previously. The physical CPO price for July South inched up by RM20 to RM4,220 per tonne.
-- BERNAMA
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