KUALA LUMPUR, Sept 2: Malaysian crude palm oil futures ended firmly up on Friday as a burst of short-covering and speculative buying helped strengthen a market lukewarm earlier in the day.

Dealers could not think of much fundamental reasons for the market’s strength, but said the benchmark contract, which came close to touching 1,390 ringgit, may just test the key 1,400 resistance next week.

At Friday’s close, the benchmark third-month crude palm oil on Bursa Malaysia Derivatives, November, settled at 1,386 ringgit ($368.62) a ton, up 9 ringgit from Thursday.

At midsession, the contract was up just 2 ringgit.

Its high for the day was 1,387 and the low 1,376.

The broader futures market was mixed, closing down one ringgit to up 9 ringgit.

Overall volume was 4,049 lots of 25 tons each. The market typically sees 6,000 lots or more on a busy day.

In physical dealings of crude palm oil, delivery for September was offered at 1,380 ringgit a ton and bid at 1,372.50 towards the close in the southern and central regions of Malaysia. Trades were reported at 1,370-1,372.50 ringgit. —Reuters