Kuala Lumpur: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday, tracking gains on the Chicago Board of Trade (CBOT) soybean oil market, a trader said. Palm oil dealer David Ng noted that higher crude oil prices and concerns over weak production among traders in the coming weeks also lifted market sentiment.

According to BERNAMA News Agency, David Ng highlighted that support is seen at RM4,200 a tonne and resistance at RM4,350 a tonne. At the close, the new contract month of February 2025 increased by RM38 to RM4,508 per tonne, and the March 2025 contract rose by RM55 to RM4,359 per tonne. Additionally, the April 2025 contract increased by RM54 to RM4,260 per tonne, May 2025 advanced RM45 to RM4,188 per tonne, June 2025 edged up RM40 to RM4,152 per tonne, and July 2025 rose RM42 to RM4,133 per tonne.

The trading volume saw an increase to 74,588 lots compared with 58,179 previously, while open interest eased to 220,729 contracts from 222,880 contracts. Meanwhile, the physical CPO price for February South decreased by RM10 to RM4,620 per tonne.