Benchmark prices shot up from their weakest point of 2,070 ringgit on April 29 to a top of 2,200 ringgit on Wednesday, tracking big gains in overseas soyoil markets and as investors covered short positions after Indonesia approved a palm export levy to fund its biodiesel policies.
But prospects of swelling inventories in Malaysia, as well as investors booking profits from the rally, reined in gains, market players said.
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