Kuala Lumpur: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday, reversing earlier losses amid stronger soybean oil prices, said palm oil trader David Ng. He noted that the demand prospects for soybean oil have improved, primarily driven by India and China, which contributed to the rise in prices.

According to BERNAMA News Agency, the increase in soybean oil prices is linked to developing bad weather in certain key growing areas that may impact crop outlook, thereby supporting the prices for bean oils. David Ng highlighted that the CPO futures prices may see support at RM4,350 and resistance at RM4,580.

At the market close, the new spot month of April 2025 saw an increase of RM29, closing at RM4,634 per tonne. The May 2025 contract rose by RM26 to RM4,492, while the June 2025 contract climbed by RM23 to RM4,389. The July 2025 contract gained RM17 to reach RM4,286 per tonne, and both the August 2025 and September 2025 contracts added RM19 each, closing at RM4,214 and RM4,175, respectively.

Trading volume surged to 96,070 lots from 80,160 at Monday’s close, while open interest slightly decreased to 250,149 contracts from 250,640 contracts previously. The physical CPO price for March South eased by RM20 to settle at RM4,780 per tonne.