KL palm oil higher, covering persists<\/p>\n
KUALA LUMPUR (Reuters): Malaysian palm oil futures
\nended mostly higher on Thursday in anticipation of further rises
\nin Chicago and positive news from this month's visit by Indian
\nPrime Minister Atal Behari Vajpayee, traders said.<\/p>\n
\"A lot of people are not comfortable to sell at this level
\nbecause the market is trading at near the resistance level of 820
\nringgit,\" said one trader in Kuala Lumpur.<\/p>\n
\"I think tomorrow the market will break 800 ringgit and try to
\ntest the 820 ringgit resistance level because all the bearish
\nnews has been factored in,\" he added.<\/p>\n
Vajpayee is scheduled to visit Malaysia on May 14-16, when he
\nis expected to sign an agreement involving a $1.8 billion railway
\nproject.<\/p>\n
India was Malaysia's main palm oil buyer in 2000, taking 2.03
\nmillion tonnes.<\/p>\n
At the close, benchmark third-month July futures were up three
\nringgit at 797 ringgit ($209.74) a ton. Volume was 1,490 lots.<\/p>\n
In the physical market, May crude palm oil (CPO) for the
\nsouthern region was offered at 775 ringgit a ton against bids at
\n770. Trades were done at 765 and 767.50.<\/p>\n
May CPO (central) was offered at 770 ringgit a ton against
\nbids at 765 and trades reported at 760 to 765.<\/p>\n
June CPO for the southern and central regions was offered at
\n795 ringgit a ton against bids of 785 and trade was reported at
\n780 to 790 for both regions.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-higher-covering-persists-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}