KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Friday amid rising crude oil prices, a dealer said.
Palm oil trader David Ng said the price hike was driven by the expectation of a strong export CPO pace and escalating tension in the Middle East.
"We see support at RM4,180 and resistance at RM4,350," he told Bernama.
At the close, the spot month October 2024 contract surged RM133 to RM4,400 per tonne, November 2024 rose RM123 to RM4,355, while the benchmark December 2024 increased RM118 to RM4,300.
The January 2025 contract gained RM110 to RM4,243 per tonne, February 2025 contract added RM101 to RM4,185, while March 2025 was up by RM92 to RM4,128.
Trading volume was slightly lower at 99,167 lots from 99,355 on Thursday, while open interest fell to 251,725 contracts from 258,051.
The physical CPO price for October South climbed RM120 to RM4,420 per tonne.