InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Tuesday, surpassing RM4,500 per ton, marking the highest level since October last year.
The price increase was largely driven by a surge in global energy markets amid escalating geopolitical tensions in the Middle East.
Iceberg X Sdn Bhd proprietary trader David Ng said the energy rally has been a key factor supporting palm oil prices.
“We see prices supported above RM4,450 per ton, with the next resistance level at around RM4,800 per ton,” he told Bernama, as quoted by InfoSAWIT.
Senior analyst at Fastmarkets Palm Oil Analytics Sathia Varqa noted that CPO prices remain resilient thanks to strong support from crude oil markets.
He said benchmark CME Fastmarkets South Asia CPO prices rose about 9% from Friday to midday trading.
Market participants are also closely watching the February supply and demand report from the Malaysian Palm Oil Board (MPOB).
Trading volume rose to 220,402 lots, while open interest increased to 237,662 contracts.
In the physical market, March South CPO prices climbed RM340 to RM4,500 per ton. (T2)
