KUALA LUMPUR, Dec 2: Malaysian palm oil closed up 0.7 per cent after technical buying in late trade propped up a market down from the start of the week till early Friday.

But dealers doubted the market’s momentum would carry through into the new week, saying fundamentals were not supportive.

The third-month crude palm oil contract on Bursa Malaysia Derivatives, February, ended up 10 ringgit at 1,397 ringgit ($369.72) a ton.

Its high for the day was 1,400 ringgit — its famous support level for two months before this week’s depressing prices.

The Malaysian Palm Oil Board — the government agency overseeing the industry — will issue on Dec. 12 official stock numbers, as well as exports and production data, for November.

The market began Friday’s trade with the same factors that had plagued it from Monday. But it rebounded in the last hour or so, after touching a low of 1,382 ringgit.

Overall volume stood at 3,904 lots of 25 tonnes each, versus Thursday’s 4,856 lots. The market can easily surpass 6,000 lots on an active day.—Reuters