KUALA LUMPUR, Oct 31: Malaysian crude palm oil futures edged higher on Wednesday to stand 1.4 per cent off this week’s record high as investors took positions after the market fell on profit-taking due to lower crude and soyaoil prices.

Traders said palm oil prices, which struck a record high at 2,920 ringgit on Monday, were weighed down by a strong ringgit currency and weaker October export numbers released by cargo surveyors.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange settled up 18 ringgit, or 0.6 per cent, at 2,880 ringgit ($864) per ton, after going as low as 2,814 ringgit.

But the outlook for palm oil prices would be less positive in the coming days, traders said.

The high palm prices are becoming a sore point as exports are starting to ease and the ringgit has appreciated strongly.

—Reuters