KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Wednesday amid concerns over rising stockpiles. Palm oil trader David Ng said that preliminary estimates indicate an inventory increase ahead of next week's key crop report. Weaker soybean oil prices also contributed to the bearish sentiment in the market, he told Bernama. 'We see support at RM3,800 per tonne and resistance at RM3,980,' he added. Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the decline was due to a selloff in Chicago Board of Trade soybean oil, crude oil, and Intercontinental Exchange canola futures. He said the weakness in South American soybean oil free-on-board markets also contributed to the decline. 'However, a bullish undercurrent in Zhengzhou Commodity Exchange rapeseed oil futures and upticks in the Chinese domestic vegetable oil markets have supported palm oil and limited the losses,' he added. At the close, the spot month Septemb er 2024 contract decreased by RM28 to RM3,992 a tonne, October 2024 fell RM41 to RM3,924 a tonne, and November 2024 was RM45 lower at RM3,886 a tonne. December 2024 dropped by RM40 to RM3,860 a tonne, January 2025 trimmed RM36 to RM3,846 a tonne, and February 2025 slid RM31 to RM3,845 a tonne. Total volume slipped to 71,159 lots from Tuesday's close of 72,810 lots, while open interest was slightly higher at 229,654 contracts compared with 228,237 contracts previously. The physical CPO price for September South was RM20 lower at RM4,030 per tonne. Source: BERNAMA News Agency