Kuala lumpur: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rebounded to close higher on Tuesday amid stronger soybean oil and crude oil prices, said a trader. According to BERNAMA News Agency, Iceberg X Sdn Bhd proprietary trader David Ng noted that market sentiment was also lifted by a strong demand for palm oil exports from India.
Ng stated, "We see prices supported above RM4,560 per tonne and resistance at RM4,750 per tonne." Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa explained that the rebound in CPO prices was driven by a recovery from the previous two days of losses, supported by a combination of bargain buying and higher crude oil prices.
Varqa added, "Higher soybean oil close on the Chicago Mercantile Exchange overnight trade and during Asian trading hours were also supportive of the higher palm market." At the close, the August 2026 and September 2026 contracts gained RM63 each to RM4,551 per tonne and RM4,652 per tonne, respectively.
October 2026, December 2026, and January 2027 contracts added RM67 each, to RM4,696 per tonne, RM4,764 per tonne, and RM4,794 per tonne, respectively, while November 2026 inched up RM69 to RM4,733 per tonne. Trading volume increased to 96,435 lots from 80,947 lots on Monday, while open interest rose to 305,012 contracts from 304,293 contracts previously.
The physical CPO price for August South rose RM40 to RM4,560 per tonne.