KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher due to concerns over weaker production caused by recent floods in Malaysia. Palm oil dealer David Ng noted that higher soybean oil prices on the Chicago Board of Trade (CBOT) also contributed to the positive market sentiment. He observed that CPO prices showed support at RM5,050 per tonne and resistance at RM5,200 per tonne.

According to BERNAMA News Agency, Malaysian palm oil exports for November 1-30 fell by 10.35 percent month-on-month, attributed to the seasonally lower demand for palm oil, as reported by independent inspection company AmSpec Agri Malaysia. Additionally, South Peninsular Palm Oil Millers Association (SPPOMA) data indicated a decrease of 5.30 percent in palm oil production estimates from south peninsula mills for the same period compared to October.

The market is currently anticipating full-month production estimates from the Malaysian Palm Oil Association (MPOA), expected to be released e
ither this week or next week. At the market close, the spot month December 2024 contract increased by RM45 to RM5,332 per tonne, January 2025 rose by RM102 to RM5,278 per tonne, February 2025 climbed by RM103 to RM5,135 per tonne, March 2025 went up by RM92 to RM4,972 per tonne, April 2025 gained RM73 to RM4,803 per tonne, and May 2025 increased by RM57 to RM4,652 per tonne.

The trading volume saw a decline to 83,156 lots from 119,811 lots the previous day, while open interest slightly decreased to 235,695 contracts from 236,748 contracts. The physical CPO price for December South was RM50 higher at RM5,400 per tonne.