KUALA LUMPUR, Feb 27: Malaysia’s palm oil futures were unchanged on Thursday with trade stilled ahead of India’s budget presentation, which is expected to result in cuts on customs duties for palm oil.

The benchmark third-month May futures was unchanged at 1,608 ringgit ($423.16) a ton after trading as high as 1,612 ringgit — still below key resistance of 1,620 ringgit.Overall volume was a modest 493 lots.

India, the world’s largest edible oil consumer, is expected to cut customs duty on crude palm oil (CPO) to 55 per cent from 65 per cent when it unveils its budget on Friday.

In a related development, India’s Railway Minister Nitish Kumar said on Wednesday petrol freight rates would be lowered by 10.7pc while reductions for transporting other commodities such as crude oil, chemicals, edible oils.

February and March contracts in the southern and central regions saw sale offers at 1,630 ringgit a ton against bids of 1,620 ringgit.—Reuterss