KUALA LUMPUR, May 14: Malaysian crude palm oil futures closed 0.74 per cent higher on Wednesday, lifted by strengthening crude oil prices and concerns over global edible oil supplies.

But the market lost some ground due to profit-taking after the benchmark rose above the key resistance level of 3,600 ringgit, dealers said.

The most-traded July contract on the Bursa Malaysia Derivatives Exchange finished up 26 ringgit at 3,558 ringgit per ton after hitting an intraday high of 3,612 ringgit.

The market cut some gains because investors started booking profit as soon as it rose above 3,600 ringgit level, said one dealer. It is purely technical and profit-taking. Fundaments of tight global supplies and rising demand remain unchanged.

The Argentine soy market remained gridlocked due to a strike by farmers who have announced a freeze on grain sales for exports until May 15 to protest a new system of export taxes.

Argentina’s striking farmers could lift their protest for 24 hours, if the government offers to negotiate, a farm leader said on Tuesday, but he also warned the strike could be extended.

Other traded months rose between 16 and 32 ringgit. Overall trade stood at 7,493 lots of 25 tons each.

Malaysia’s crude palm oil stocks fell 1.97 per cent to 1,789,383 tons in April, from a revised 1,825,386 tons in March, official crop agency Malaysian Palm Oil Board said on Monday.

Exports of Malaysian palm oil products for May 1-10 rose 34.5 per cent to 409,238 tons from 304,279 tons shipped between April 1 and 10, cargo surveyor Intertek Testing Services said on Saturday.

Trades were done between 3,585 and 3,590 ringgit per ton.—Reuters