Suppose it is November 2022. Delloit Refineries Bhd is expected to receive 20,000 MT of CPO (Crude Palm Oil) in January 2023 and place an order from Tesla Plantation for that quantity. Due to future CPO spot price uncertainties, Delloit wants to lock in the price now and decides to hedge 65% of the projected price increase for the January physical delivery of 20,000 MT of CPO. 

The current market price for CPO is MYR3500 per contract, and January 2023 FCPO (Futures Crude Palm Oil) is MYR3570 per contract.  

Assume now it is January 2023. As expected, the spot price for CPO increased to MYR3540 per contract, and January 2023 FCPO (Futures Crude Palm Oil) is MYR3590 (1 contract = 25 MT of CPO).

Calculate the outcome of this hedging strategy.