By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Feb 12 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its gains for five consecutive days driven by lower stock levels in the country, a dealer said.

Palm oil trader David Ng said market sentiment was also boosted by the stronger performance of soybean oil on the Chicago Board of Trade.

“We expect the CPO price to find support at RM4,600 per tonne and resistance at RM4,750 per tonne,” he told Bernama.

Meanwhile, MIDF Amanah Investment Bank Bhd’s research arm MIDF Research said earlier today that CPO prices are expected to remain stable this year, ranging between RM4,000 and RM5,000 per tonne.

It added that for February price stability will be supported by restocking activities ahead of Ramadan, coupled with slower palm oil output and lower closing stock levels.

At the close, the February 2025 contract surged RM47 to RM4,875 per tonne, March 2025 rose RM37 to RM4,726 per tonne, and April 2025 climbed RM28 to RM4,621 per tonne.

May 2025 increased RM24 to RM4,529 per tonne, June 2025 gained RM25 to RM4,433 per tonne, and July 2025 added RM19 to RM4,350 per tonne.

Trading volume jumped to 119,246 lots from 106,188 lots on Monday, while open interest declined to 225,625 contracts from 226,292 previously.

The physical CPO price for February South rose RM50 to RM4,900 per tonne.

-- BERNAMA