KUALA LUMPUR, Sept 12: Malaysian palm oil futures hit a seven-week high after market-friendly crop data from the United States, but profit-taking trimmed gains by the close, traders said on Friday.

But late liquidation brought the market back.

Palm oil dealers said the positive undertone lent by the soy crop forecast was negated by palm oil’s own rising production numbers, released on Friday.

In the physical market, September crude palm oil was offered/bid at 1,435/1,430 ringgit a ton in the southern and central regions.

Business was reported at 1,430 to 1,435 ringgit in the morning. After the MPOB numbers were released, deals dipped as low as 1,420 before returning to 1,430 by the close.

October CPO saw offers/bids closing at 1,410/1,400 ringgit in the south and 1,410/1,395 in the central zone. Deals were reported at 1,410-1,400 in the south.—Reuters