Kuala lumpur: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Tuesday, following a sharp selldown in the Chicago Board of Trade's (CBOT) soybean oil market.

According to BERNAMA News Agency, Iceberg X Sdn Bhd proprietary trader David Ng explained that the decline in soybean oil weighed on CPO as both oils are major vegetable oils that compete in the global edible oil market. Ng noted that the lower soybean oil prices were mainly influenced by external market pressures, particularly the weakness in crude oil prices and uncertainties surrounding the ongoing trade discussions between the United States and China. He also pointed out that the stronger ringgit contributed to the downward momentum in the palm oil market.

At 6 pm, the ringgit strengthened to 3.9155/9200 against the US dollar, compared to 3.9260/9310 on Monday. Ng mentioned that support is observed at RM4,500 per tonne with resistance at RM4,680 per tonne.

At the market close, the April 2026 contract fell RM82 to RM4,542 per tonne, while the May 2026 contract eased RM75 to RM4,588 per tonne. The June 2026 contract edged down RM73 to RM4,581 per tonne. Both the July 2026 and August 2026 contracts slid RM75 to RM4,547 per tonne and RM4,508 per tonne respectively, while the September 2026 contract declined RM74 to RM4,471 per tonne.

Trading volume increased to 102,525 lots from 99,715 on Monday, with open interest improving to 234,227 contracts from 230,714 contracts previously. The new physical CPO price for April South dropped RM40 to RM4,580 per tonne.