KUALA LUMPUR, Sept 24: Malaysian crude palm oil futures rebounded strongly on Wednesday after players who sold a day earlier for profit returned to cover.

Palm oil’s benchmark third-month futures on the Malaysian Derivatives Exchange, December, closed 12 ringgit up at 1,418 ringgit ($373.15) a ton.

Dealers put resistance at 1,450 ringgit and support at 1,400 — levels they had maintained since Monday.

There might be another bout of profit-taking if we touch 1,450, said a dealer.

In the physical crude palm oil (CPO) market, the September contract saw bids/offers at 1,475/1,480 ringgit a ton in the southern region of Malaysia. Trades were reported at 1,470-1,480.

September CPO for the central region was bid/offered at 1,470/1,475. Deals were reported at 1,470-1,475.

October CPO saw bids/offers at 1,470/1,480 in the south and 1,470/1,475 in the central zone. Trade was reported at 1,470-1,475 in the south and 1,470 in the central region. —Reuters