KUALA LUMPUR, May 18: Malaysian crude palm oil futures jumped 1 per cent on Wednesday as talk that May exports had almost crossed the million-ton mark fuelled short-covering, ending three days of losses. But persistent fears of a currency revaluation kept prices below the previous key support of 1,400 ringgit a ton.

Its intraday high was 1,398 ringgit — up 16 ringgit or 1.2 per cent. Aside from August palm oil, other futures contracts Wednesday closed up 10 to 12 ringgit.

In the physical crude palm oil market, the May contract saw buyers at 1,400 ringgit a ton against sellers at 1,405 ringgit in Malaysia’s southern region at Wednesday’s close. Deals were reported at 1,400-1,405 ringgit a ton in the south and 1,395-1,400 in the central region.

June physical crude palm oil saw bids/offers at 1,400/1,1410 ringgit a ton in the south and 1,400/1,405 in the central zone. Trades were heard at 1,405 in the south only. —Reuters