KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Wednesday, as stronger crude oil prices supported the market, while concerns over sluggish exports and elevated inventories continued to weigh. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 3 ringgit, or 0.08%, to 3,965 ringgit ($970.39) a metric ton at the close. The contract fell 1.39% in the last three consecutive sessions and hit a six-month low. The market remains concerned about the weak exports and high stock levels in the country, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. However, the rebound in Chicago soybean oil and crude oil markets kept prices supported, Ng added. Dalian’s most-active soyoil contract fell 0.89%, while its palm oil contract shed 1%. Soyoil prices on the Chicago Board of Trade were down 0.17%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose more than 1% after U.S. President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, weakened 0.07% against the U.S dollar, making the commodity slightly cheaper for foreign currency holders. The U.S. Environmental Protection Agency expects to finalize 2026 and 2027 biofuel blending mandates, which were originally expected in late October, in the first quarter of next year. European Union soybean imports for the 2025/26 season that began in July had reached 5.65 million metric tons by December 14, down 13% from the same period a year earlier, while palm oil imports fell 12% to 1.35 million tons, European Commission data showed.