CPO futures rise amid expectations of lower output from El Niño
Trading volume fell to 126,549 lots, while open interest increased to 454,619 contracts.
Crude palm oil (CPO) futures finished higher on Bursa Malaysia Derivatives on Nov 13, with a dealer attributing the gains to positive price expectations from leading analysts attending a palm oil conference in Indonesia.
David Ng, proprietary trader at Iceberg X Sdn Bhd, said expectations that El Niño would reduce palm oil production next year were the main factor behind the sentiment. He placed immediate support around RM4,350 per tonne and resistance at RM4,500, adding that soybean oil, crude oil and new export estimates were likely to influence market direction.
Closing prices and gains for the contracts were:
- November 2026: RM4,180 per tonne, up RM12.
- December 2026: RM4,326 per tonne, up RM33.
- January 2027: RM4,462 per tonne, up RM22.
- February 2027: RM4,565 per tonne, up RM9.
- March 2027: RM4,658 per tonne, up RM6.
- April 2027: RM4,728 per tonne, up RM9.
Volume declined from Thursday’s 156,894 lots to 126,549 lots. Open interest rose from 337,840 contracts previously to 454,619 contracts. In the physical market, November South CPO held steady at RM4,200 per tonne.
