KL palm oil ends off highs

KL palm oil ends off highs

KUALA LUMPUR (Reuters): Palm oil prices in Malaysia closed off their highs as late technical selling eroded earlier gains, traders said.

The market firmed earlier on the back of gains by Chicago soyoil futures plus expectations of stronger fundamentals and more Indian buying for the festival in November, traders said.

"Seeing that November futures could not rise above 1,400 ringgit, people started to take profits due to uncertainty in the market," said a trader.

The November contract closed 25 ringgit higher at 1,385 ringgit ($359.21) a ton after trading between 1,367 and 1,400.

Traders pegged resistance at 1,400 and support at 1,350.

They said the market was uncertain about the immediate trend and awaited fresh fundamentals.