KUALA LUMPUR, April 23: Malaysian palm oil futures closed higher on Wednesday in a technical bounce after losses in the past two days, traders said.
But further gains could be limited ahead of export data for the first 25 days of April due on Friday.
Benchmark third-month July ended up 11 ringgit at 1,349 ringgit ($355) a ton after trading as low as 1,325.
The contract had fallen 36 ringgit in the past two days.
Traders pegged immediate resistance at 1,360 ringgit.
Overall market volume rose to 7,169 lots from Tuesday’s 6,900 lots.
There was heavy short covering after prices held above the 1,330 ringgit level. The market was largely oversold, so we might see a bit more upside, said a local dealer.
People are now waiting for the April 1-25 export figures, which will be key to near-term market direction, he said.
In physical trading of crude palm oil, the April contract was offered at 1,450 ringgit a ton up 10 ringgit from Tuesday against bids of 1,440 ringgit in the south.
Trades were done at 1,440 to 1,450 ringgit.—Reuters
