KUALA LUMPUR, Nov 14: Malaysia’s crude palm oil futures rebounded from early lows on Thursday after players covered back their positions, shaking off worry over poor exports in the first half of November.

Traders said exports could reach 385,000 tons in November 1-15, down from the 472,638 tons for October 1-15 reported by cargo surveyor SGS. But they believed more buyers would come to the market as palm oil remains the world’s cheapest edible oil.

By the close, the benchmark third-month January futures contract was 13 ringgit higher at 1,563 ringgit ($411.32) a ton after trading as low as 1,547 ringgit.

Overall volume was heavy at 5,439 lots. On the physical market, crude palm oil for November/December saw bids at 1,570 ringgit a ton against sellers’ offers of 1,580 ringgit for southern and central regions.

Deals were reported at 1,575 ringgit a ton for November (south and central) and at 1,575 ringgit for December (south).—Reuters