KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the third consecutive day, a trader said. Palm oil trader David Ng noted that concerns over the sluggish production pace continue to keep market sentiment positive. He mentioned that the price is supported at RM4,700 a tonne with resistance at RM4,850 a tonne.

According to BERNAMA News Agency, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani observed that CPO futures traded sideways to higher, influenced by sharply higher soybean futures on the Chicago Board of Trade. Additionally, Xinhua reported an increase in soybean futures during Wednesday’s daytime trading at the Dalian Commodity Exchange. The most active soybean contract month for January 2025 delivery gained 11 yuan (about US$1.53) to close at 3,906 yuan per tonne.

At the close, the spot-month December 2024 contract rose by RM77 to RM4,928 per tonne. The January 2025 contract increased by RM70 to RM4,870 per tonne, and the Februar
y 2025 contract climbed by RM63 to RM4,798 per tonne. The March 2025 contract advanced by RM58 to RM4,708 per tonne, April 2025 improved by RM50 to RM4,614 per tonne, and May 2025 surged by RM42 to RM4,522 per tonne.

Trading volume saw an increase to 81,832 lots from 75,291 lots on Tuesday, while open interest decreased to 230,207 contracts from 233,557 previously. The physical CPO price for December South rose by RM50 to RM5,000 per tonne.