Bursa Malaysia CPO futures closed mixed on Monday, with near-term contracts under pressure from concerns over rising palm oil inventories, while firmer vegetable oil markets and expectations of stronger Indian demand ahead of Deepavali provided some support.
PALMOILMAGAZINE, KUALA LUMPUR — Malaysian crude palm oil (CPO) futures ended mixed on Monday (Oct. 19), as concerns over higher domestic inventories weighed on sentiment, although stronger vegetable oil markets and expectations of increased demand from India helped limit losses.
According to Bernama, the November 2026 CPO contract fell RM21 to RM4,515 per tonne at the close. The December 2026 contract declined RM10 to RM4,666 per tonne, while the January 2027 contract eased RM3 to RM4,766 per tonne.
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Further along the curve, the February 2027 contract gained RM5 to RM4,857 per tonne. The March 2027 contract rose RM10 to RM4,936 per tonne, while the April 2027 contract advanced RM9 to RM4,993 per tonne.
David Ng, proprietary trader at Iceberg X Sdn Bhd, said weaker crude oil prices added to the bearish pressure on the palm oil market.
However, downside was limited by firmer vegetable oil prices on the Dalian Commodity Exchange and expectations that palm oil demand in India could strengthen ahead of the Deepavali festival.
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“Improving export demand could help cushion further downside, although high domestic stocks may continue to limit any meaningful recovery,” Ng said.
He expects CPO futures to find support around RM4,600 per tonne, while resistance is seen at RM4,850 per tonne.
In the physical market, the November South CPO price increased RM30 to RM4,530 per tonne.
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Trading activity also weakened during the session. Volume fell to 106,846 lots from 133,428 lots on Friday, while open interest declined to 332,357 contracts from 339,364 contracts previously. (P3)
