KUALA LUMPUR, Jan 19: Malaysian palm oil ended up on Thursday after tracking a rebound in rival soyaoil, but gains were limited by a firming ringgit that could hit exporters’ earnings, dealers said. The futures market also lacked strength to test the 1,450 ringgit-resistance as export numbers for January remained below expectations, although fundamentals had been boosted by a seasonal decline in output, dealers said.

Technically, the market will remain at above 1,400 but 1,450 is tough looking at the export numbers, said a futures trader.

Palm oil stocks in Malaysia, the world’s largest producer of the commodity, hit a record 1.6 million tons at end-November and remained unchanged at end-December as exports worsened.

But inventories could fall around 10 per cent in the next two months as the crop enters a lower yield period, dealers said.

In the physical crude palm oil market, January quotes stood at 1,415/1,420 ringgit a ton in Malaysia’s southern region and at 1417.50/1,420 in the central zone. Trades were reported at 1,410-1,415 ringgit in the south and 1,417.50-1,420 in the central region.—Reuters