KUALA LUMPUR, Nov 11: Malaysian crude palm oil futures came off the boil at the close on Monday after players liquidated their positions on news that arch rival Indonesia may not raise export taxes, traders said.

The market has earlier gone up because of news about India’s winter oilseed production, said one trader. But it came down the moment we learned about the Indonesian taxes, he added.

It had touched a new high of 1,595 ringgit on news that India’s winter oilseeds production in 2002/03 was likely to fall to 9.72 million tons from 12.3 million a year ago because of poor monsoon rains and a drop in productivity. Overall volume was heavy at 4,529 lots. Traders pegged resistance at 1,600 ringgit.

On the physical market, crude palm oil for November saw bids at 1,565 ringgit a ton against sellers’ offers of 1,575 ringgit for southern and central regions.

December crude palm oil was offered at 1,580 ringgit against bids of 1,570 ringgit for south. Deals were reported at 1,580. December CPO for central saw bids at 1,565 ringgit against offers at 1,580 ringgit.—Reuters