KUALA LUMPUR, Jan 16: Malaysian palm oil futures closed mostly higher on Thursday but still mired in a sideways range as players remained uncertain about the outlook despite talk of a possible cut in Indian palm oil import duty.

Volume was a staggering 11,613 lots.

No one is sure about India, so let’s wait for the Chicago market to give us new direction, said one trader.

The annual budget is usually presented on the last day of February.

India has an 85-per cent basic import duty on refined oils, a 65-per cent duty on crude palm oil and a 45-per cent duty on soyaoil.

In the physical market, the January/February crude palm oil contract was offered at 1,650 ringgit a ton against bids of 1,640 ringgit for the southern region. Deals were reported at 1,630 to 1,640 ringgit.

January/February CPO for the central region was offered at 1,645 ringgit against bids of 1,635. No business was reported.—Reuters