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KUALA LUMPUR: Malaysian palm oil futures extended gains on Wednesday after the world’s second-largest producer lowered its exports tax reference price, but gains were capped by demand concerns.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 45 ringgit, or 1.08%, to 4,227 ringgit ($946.70) a tonne by the midday break.

Malaysia has maintained its September export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.

Palm oil neutral in 4,085-4,269 ringgit range

The ringgit, palm’s currency of trade hovered near its lowest in more than five years, making the commodity cheaper for holders of foreign currency.

However, falling crude prices, concerns of lower demand, and bleak economic data in leading economies like China and the United States weighed, said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading firm.

Dalian’s most-active soyoil contract gained 0.8%, while its palm oil contract rose 0.09%. Soyoil prices on the Chicago Board of Trade were up 0.7%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may break a support at 4,085 ringgit and fall towards the next support at 3,857 ringgit per tonne, Reuters technical analyst Wang Tao said.

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