Kuala Lumpur: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives recouped earlier losses to close higher on Thursday on improved market sentiment. Palm oil trader David Ng said the sentiment was lifted by concerns over output in the local market and stronger soybean oil prices.

According to BERNAMA News Agency, the rise in soybean oil prices is attributed to a recovery in energy prices, as noted by Mumbai-based Sunvin Group commodity research head Anilkumar Bagani. He mentioned that the real driver at the moment is bargain buying in palm oil, although the lack of fresh destination buying is limiting the gains. Most of the production and export data has already been priced in, and the market is awaiting fresh cues.

At the close, the April 2025 contract rose RM104 to RM4,692 per tonne, May 2025 increased by RM62 to RM4,451 per tonne, and June 2025 gained RM53 to RM4,312 per tonne. July 2025 advanced RM42 to RM4,207 per tonne, August 2025 rose by RM37 to RM4,138 per tonne, and September 2025 climbed RM41 to RM4,102 per tonne.

Trading volume rose to 90,089 lots from 70,956 lots on Wednesday, while open interest inched up to 256,266 contracts from 255,190 contracts previously. The physical CPO price for April South was RM60 higher at RM4,760 per tonne.