21/02/2024 (The Edge Malaysia), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mixed on Wednesday amid market concerns over output in the near term, a dealer said.

"Nevertheless, the stronger soybean oil prices were seen supporting the market. We see support at RM3,800 and resistance at RM3,950 a tonne," palm oil trader David Ng told Bernama.

Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani opined that although the Feb 1-20 palm oil export pace was slower, the market has ignored it due to more production cuts due to the shorter February month and the upcoming Ramadan month.

Exports of Malaysian palm oil products for February 1-20 fell to 676,949 tonnes compared with 828,910 tonnes in the same period in January, a decrease of 151,961 tonnes or 18.3%, cargo surveyors data showed.

At the close, spot month March 2024 was RM7 lower at RM3,971 a tonne, April 2024 increased RM1 to RM3,908 a tonne and May 2024 rose RM3 to RM3,863 a tonne.

June 2024 was unchanged at RM3,802 a tonne, while July 2024 and August 2024 inched down RM6 each to RM3,741 and RM3,694 a tonne, respectively.

Total volume increased to 101,715 lots from 53,060 lots yesterday, while open interest advanced to 240,043 contracts from 233,386 contracts previously.

The physical CPO price for March South was flat at RM4,020 per tonne.

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