Kuala Lumpur:Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Tuesday, driven by stronger soybean oil prices on the Chicago Board of Trade (CBOT).

According to BERNAMA News Agency, David Ng, a proprietary trader with Iceberg X Sdn Bhd, noted that increased export demand in October also played a role in the rise of CPO futures, despite concerns over high domestic inventories.

Cargo surveyor Amspec Agri Malaysia reported that Malaysia's palm oil exports grew by 37.73 percent, reaching 491,954 tonnes from October 1-10, compared to 357,194 tonnes in the same period in September. Independent inspection company Intertek Testing Services recorded a similar increase, with exports rising by 33.51 percent to 525,071 tonnes during the same timeframe, up from 393,295 tonnes in early September.

The Malaysian Palm Oil Board (MPOB) stated that CPO production increased by 16.48 percent to 2.11 million tonnes in September.

At Tuesday's close, the October 2026 contract increased by RM198 to RM4,398 per tonne, while the November 2026 contract rose by RM61 to RM4,559 per tonne. The December 2026 contract went up by RM45 to RM4,682 per tonne. The January 2027 contract saw a rise of RM29 to RM4,787 per tonne, February 2027 gained RM13 to RM4,875 per tonne, and March 2027 advanced RM5 to RM4,960 per tonne.

Trading volume increased to 109,117 lots from 103,981 on Monday, though open interest decreased to 331,818 contracts from 333,723.

The physical CPO price for October South dropped RM30 to RM4,470 per tonne.