Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives (BMD) ended higher on the last trading day of this year, tracking gains in the Chicago Board of Trade’s (CBOT) soybean oil market.
Palm oil trader David Ng said the higher CPO price was also due to the prospect of weaker output in the coming weeks.
At the close, January 2023 advanced RM93 to RM4,171 per tonne, February 2023 gained RM79 to RM4,162 per tonne, March 2023 was RM84 higher at RM4,174 per tonne, April 2023 was RM76 better at RM4,159, May 2023 gained RM75 to RM4,140 per tonne and June 2023 edged up RM70 to RM4,109 per tonne.
Total volume jumped to 56,749 lots from 31,639 lots on Thursday, but open interest declined to 200,198 contracts from 230,459 contracts on Thursday.
The physical CPO price for January South stood at RM4,180 per tonne.