Kuala lumpur: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended a three-day losing streak by closing higher on Friday, driven by stronger crude oil prices, as noted by a trader.

According to BERNAMA News Agency, David Ng, a proprietary trader at Iceberg X Sdn Bhd, stated that the increase in crude oil prices has positively impacted palm oil prices due to palm oil's significant role as a biofuel feedstock. Ng also mentioned that market sentiment received a boost from the rising prices of soybean oil on the Chicago Board of Trade. He highlighted that the rise in soybean oil prices provided support for CPO, as both oils are major competitors in the global edible oils market.

Ng further elaborated that prices are expected to remain above RM4,300 per tonne, with resistance anticipated around RM4,500 per tonne. At the time of reporting, Brent crude saw an increase of 2.49 percent, reaching US$108.30 per barrel.

At the market's close, the May 2026 contract rose RM30 to RM4,380 per tonne, the June 2026 contract increased RM28 to RM4,390 per tonne, and the July 2026 contract edged up RM27 to RM4,420 per tonne. Additionally, the August 2026 contract gained RM28 to RM4,437 per tonne, the September 2026 contract added RM21 to reach RM4,449 per tonne, and the October 2026 contract increased RM17 to settle at RM4,465 per tonne.

The trading volume experienced a rise to 98,554 lots from Thursday's 93,138 lots, while open interest slightly increased to 285,554 contracts from the previous 285,504 contracts. The physical CPO price for May South was RM20 higher, closing at RM4,440 per tonne.