KUALA LUMPUR, Aug 22: Malaysia’s crude palm oil futures were firmer on Thursday due to technical covering as players ignored declines in CBOT soy markets, traders said.

The benchmark third-month November contract closed 13 ringgit higher at 1,529 ringgit ($402.37) a ton after trading as low as 1,523 ringgit.

Volume was moderate at 2,882 lots.

In Alliance/CBOT/Eurex (A/C/E) trading, old crop September soyabeans cents lower at $5.52 per bushel.

Analysts pegged crucial support at 1,500 ringgit and resistance at 1,550.

In 1,500 ringgit (territory), the bulls looks cautious and defensive,” said analyst Jennifer Ooi, adding that the market needed to trade above 1,522 to maintain upward momentum.

Traders said many players would stick to expectations that exports could reach around 950,000 tons in August due to better demand from main buyers like India, China and Pakistan even though private forecaster Ivan Wong had given lower estimates.

Wong had put August exports at 905,000-910,000 tons, up from 883,000 tons in July, in his recent estimates.

Palm oil exports rose a modest 4,300 to 883,300 in July and are expected to show a bigger increase of some 25,000 tons this month, Wong said in a report.

Wong forecast Malaysia’s palm oil output in August at 1.06 million tons against July’s 1.01 million.

In physical crude palm oil, the August/September CPO contract for the southern and central zones saw bids at 1,535 ringgit a ton against sale offers at 1,540 ringgit. Deals were reported at 1,535 to 1,542.50 a ton for both sides.—Reuters