KUALA LUMPUR, May 7: Malaysian palm oil futures firmed at the close on Tuesday, aided by a technical rebound and short covering on the physical side, traders said.

Benchmark third-month July futures ended 15 ringgit higher at 1,207 ringgit ($317.63) a ton.

The contract touched a high of 1,211 ringgit after breaking key resistance of 1,205. Volume was heavy at 2,042 lots.

It’s a technical rebound. The market has been down for some time, said one analyst, adding that the market would trade in a tight range of 1,207-1,215 on Wednesday.

Trade was reported at 1,205 to 1,210 for May (south) and at 1,210 for May.—Reuters