KUALA LUMPUR: The crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended a three-day losing streak, closing higher on Thursday. This recovery was driven by increased restocking activity from India, amid concerns over production levels affected by adverse weather conditions.

According to BERNAMA News Agency, palm oil trader David Ng noted that traders are replenishing their stocks, which has bolstered positive market sentiment. He highlighted ongoing concerns about production due to floods and adverse weather, stating, “We see support at RM4,750 per tonne and resistance at RM5,030 per tonne.” The upward trend is also supported by export data from cargo surveyor Intertek Testing Services, which reported a 3.9 percent rise in Malaysian palm oil exports for the period of December 1-10.

At the market close, the spot month December 2024 contract increased by RM47 to RM5,160 per tonne. Similarly, the January 2025 contract rose by RM47 to RM5,001, while February 2025 added RM65 to RM4,921. The March 2025
contract advanced by RM89 to RM4,826 per tonne, April 2025 improved by RM92 to RM4,697, and May 2025 gained RM82 to RM4,570 per tonne.

Despite the price increases, trading volume slightly decreased to 119,534 lots from 120,030 lots the previous day. However, open interest saw a rise to 238,860 contracts from 238,514 contracts previously reported. Additionally, the physical CPO price for December South increased by RM10 to RM5,260 per tonne.