KUALA LUMPUR, Nov 21: Malaysian crude palm oil futures broke a key resistance level on Wednesday and climbed across the board on short covering ahead of a public holiday and due to market-friendly crop data.

The market will be closed on Thursday to mourn the death of Malaysia’s king. Sultan Salahuddin Abdul Aziz Shah died shortly before noon on Wednesday after failing to recover from a heart operation two months ago. He was 75.

Trading resumes on Friday.

At the close, the benchmark third-month February futures surged 14 ringgit at 1,157 ringgit ($304.47) a tonne after breaking key resistance of 1,155 ringgit.

Volume was heavy at 2,786 lots.

The market may try to reach a new high of 1,200 ringgit. The correction seems to be over, said one analyst.

Indian import duties on RBD palm olein and soyaoil are currently at 85 per cent and 45 per cent respectively. Crude palm oil import duty stands at 65 per cent.

They are looking at $270 a ton for RBD palm olein. I still think they need to stock up ahead of year-end holidays, said one trader.

The November contract for the southern region was bid/asked at 1,100/1,110 ringgit a ton. The contract was traded at 1,100.

The November contract for the central region was heard at 1,105/1,110 ringgit with business reported at 1,105.

The December contract for south and central regions was bid/asked at 1,105/1,110. Trade was reported at 1,105 ringgit for south and at 1,105 to 1,100 for central.—Reuters