KL palm oil ends higher on weekend covering<\/p>\n
KUALA LUMPUR (Reuters): Malaysian palm oil ended mostly higher
\non weekend covering on Friday despite poor export figures and the
\narrival of soyoil from the United States, Argentina and Brazil in
\nAsian markets, trader said.<\/p>\n
\"It's all about weekend covering. The outlook is not good at
\nall because exports will be poor in the coming months,\" said one
\ntrader in Kuala Lumpur.<\/p>\n
Another said: \"The rupiah is falling. No wonder the
\nIndonesians are selling their oil aggressively.\"<\/p>\n
Cargo surveyor Societe Generale de Surveillance Malaysia Sdn
\nBhd (SGS) said Malaysian palm oil exports in the first 20 days of
\nApril were 562,781 tons against 579,032 in the same period of
\nMarch.<\/p>\n
The benchmark third-month July contract rose five ringgit to
\n788 ringgit ($207.36) a ton after trading as high as 792 ringgit.
\nVolume was heavy at 1,896 lots.<\/p>\n
Traders said combined soyoil exports from the United States,
\nArgentina and Brazil reached 440,000 tons in March, 72 percent
\nhigher than in the same month in 2000.<\/p>\n
India took 99,000 tons, against 39,000 in March last year,
\nwhile Bangladesh took 75,000 against 80,000. Egypt bought 31,000
\ntons against 21,000 in March 2000.<\/p>\n
Traders said total soyoil imports by Asian countries,
\nincluding India, China, Bangladesh, Iran, Pakistan and Turkey,
\nreached 275,000 tons in March compared with 224,000 in March last
\nyear.<\/p>\n
Physical April crude palm oil for the southern region was
\noffered at 770 ringgit a ton against bids at 765, and traded at
\n770. April (central) saw offers at 765 against bids of 760, and
\ntrade was reported at 765.<\/p>\n
May crude palm oil (south) saw offers at 775 ringgit a ton
\nagainst bids of 770, and trade was reported at 770. May crude
\npalm oil (central) saw offers at 770 ringgit against bids of 765
\nand there was no business.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-ends-higher-on-weekend-covering-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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