Kuala lumpur: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended mostly lower on Wednesday, influenced by weakness in soybean oil futures and recent softer exports of palm oil.

According to BERNAMA News Agency, Iceberg X Sdn Bhd proprietary trader David Ng mentioned that CPO prices are anticipated to remain supported above RM4,900 per tonne, with resistance observed at RM5,050. Fastmarkets Palm Oil Analytics senior analyst Dr. Sathia Varqa noted that CPO futures traded lower initially before recovering some losses to close mixed. This adjustment was attributed to profit-taking and expectations of a rising near-term supply. Nonetheless, prospects of stronger physical export demand, particularly from India, helped mitigate the decline.

Dr. Varqa highlighted that Indian buyers are building inventories in preparation for the November festive season. Additionally, palm oil has gained a competitive advantage over sunflower oil, which is facing substantial logistical disruptions. Selling pressure was apparent following two consecutive trading days of strong gains, spurred by a surge in energy prices and increases in related soybean oil futures on the Chicago Mercantile Exchange.

At the market close, the September 2026 contract saw a decrease of RM1 to RM4,648 per tonne, October 2026 weakened by RM22 to RM4,831, and November 2026 fell RM15 to RM4,958. The December 2026 contract dropped RM7 to RM5,065 per tonne, January 2027 dipped RM1 to RM5,148, while February 2027 gained RM6 to RM5,209.

Trading volume declined to 94,460 lots from 121,554 lots on Tuesday, while open interest rose to 339,030 contracts from 338,107 contracts the previous day. The physical CPO price for September South decreased RM30 to RM4,670 per tonne.