Kuala lumpur: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday, marking a continuation of the market’s uneven recovery, said a trader.

According to BERNAMA News Agency, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa noted that the gains were tempered by weak demand for palm oil exports. He emphasized that while technical sentiment showed signs of improvement following a recent recovery, traders remained cautious due to ongoing weak external demand signals. Varqa further mentioned that Malaysia’s palm oil exports for November are expected to underperform.

Palm oil trader David Ng provided insights into price expectations, predicting support for prices above RM4,150 per tonne, with a resistance level at RM4,300 per tonne. At the close of trading, the December 2025 contract increased by RM2 to RM4,178 per tonne, while the January 2026 contract rose by RM9 to RM4,210 per tonne. The February 2026 contract saw a growth of RM17 to RM4,226 per tonne.

Further gains were observed with the March and May 2026 contracts, which increased by RM27 and RM31, respectively, to RM4,240 per tonne. The April 2026 contract advanced by RM28 to RM4,245 per tonne. Despite the upward trend in futures prices, total trading volume decreased to 83,103 lots from 99,940 lots on Tuesday. However, open interest saw an increase, rising to 274,629 contracts from the previous 270,652 contracts.

In the physical market, the CPO price for December South slipped by RM10 to RM4,190 per tonne, indicating a slight decline amid the mixed market signals.