KUALA LUMPUR, Nov 29: Crude palm oil (CPO) prices on Malaysia’s Derivatives Exchange are expected to inch up further in the coming week, but the upside would be limited, dealers said on Friday.

CPO prices for December closed at 1,574 ringgit (414 dollars) a ton at the end of the week.

Palm oil prices are expected to increase slightly with a strong resistance of 1,600 ringgit, said a dealer with a local brokerage.

People are being very cautious, he said, adding export figures to be released Monday were not expected to be very positive but could provide a clue on the market’s direction.

In the futures market, the December contract rose 14 ringgit over the week to settle at 1,574 a ton.

The January contract was up 17 ringgit to 1,586 a ton while February contract fell by 5 ringgit to 1,588.

The average daily price for December was 1,551 ringgit a ton. —AFP