08/10/2022 (The Edge Markets), Kuala Lumpur - Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended higher on Friday after seeing seven straight sessions of rising, largely driven by external factors of higher crude oil and soybean oil prices.

Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa told Bernama that palm oil made the most impressive gains in eight weeks, recovering all of the losses from the previous two weeks.

Echoing him, palm oil trader David Ng said these factors have lifted the sentiment in the palm oil market.

“Expectations of a weaker-than-expected output is also seen as supporting short-term prices,” he told Bernama.

At the close, the contract for October 2022 rose RM41 to RM3,630 per tonne, November 2022 went up RM129 to RM3,790 per tonne, December 2022 jumped RM137 to RM3,837 per tonne, and January improved RM139 to RM3,876 per tonne.

February 2023 gained RM135 to RM3,909 per tonne and March 2023 added RM124 to RM3,936 per tonne.

Total volume increased to 56,905 lots from 52,593 on Thursday, while open interest narrowed to 203,332 contracts from 252,477 previously.

Physical CPO price for October South rose RM130 to RM3,750 per tonne.

The local market will be closed on Monday in lieu of the Maulidur Rasul public holiday and will recommence on Tuesday.

https://www.theedgemarkets.com/article/cpo-futures-end-higher-strong-external-market-sentiment