KUALA LUMPUR, Dec 19 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives inched higher despite a cautious market tone.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market is on a wait-and-see approach as investors are awaiting the December 1-20 export data, due out tomorrow.

"The December 1-20 export figures was said to be 17-19 per cent lower,” he told Bernama.

He said the export data are due to be released by cargo surveyors tomorrow.

Meanwhile, the Southern Peninsular Palm Oil Millers Association (SPPOMA) and Malaysia Palm Oil Association (MPOA) will release their production and supply data next week.

For the whole month of December, Palm Oil Analytics expected export to drop eight to 12 per cent, Sathia said.

"This month export looks to be lower because China had already bought record volume in November ahead of the Chinese New Year celebration (in January 2020), while Indian buyers are seen staying on the sidelines,” he added.

At the close, the CPO futures contract for January 2020 added RM18 to RM2,853 per tonne, February 2020 was RM14 higher at RM2,869 per tonne, while March 2020 increased RM16 to RM2,874 per tonne and April 2020 rose RM13 to RM2,857 per tonne.

Volume, however, declined to 49,986 lots from 85,715 lots yesterday and open interest decreased to 286,974 contacts from 327,378 contracts previously.

On the physical market, December South remained unchanged at RM2,900 per tonne. — Bernama