KL palm oil higher on short covering<\/p>\n
KUALA LUMPUR (Reuters): Short covering and overnight gains BY
\nChicago soyoil futures overnight supported Malaysian palm oil
\nfutures on Thursday.<\/p>\n
The benchmark third-month February contract closed up 15
\nringgit at 860 ringgit (US$226.32) a tonne.<\/p>\n
\"There was quite a bit of short covering going on as people
\nfeel that the downside is limited at the moment. There are not
\nmany sellers in the market,\" said one trader.<\/p>\n
Traders said market sentiment was helped by talk that Malaysia
\nmight allow one million tons of crude palm oil to be exported
\nduty-free next year.<\/p>\n
The government earlier this year selected seven firms to
\nexport 500,000 tons of crude palm oil without duty to India and
\nEurope to help reduce stocks.<\/p>\n
Physical November (south) crude palm oil was offered at 815
\nringgit a ton against bids of 810 and trade at 800 to 810.<\/p>\n
December (South) saw offers at 840 ringgit and bids at 835. It
\ntraded at 825 to 835 ringgit.<\/p>\n
Among refined products, November RBD palm oil was offered at
\n$232.50 a ton FOB and December at $235.<\/p>\n
There were offers for November RBD palm olein at $252.50 and
\nDecember at $255.<\/p>\n
November RBD palm stearin was offered at $190 and December at
\n$195. November palm fatty acid distillate was offered at $135.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-higher-on-short-covering-1447893297",
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"sponsor": "Okusi Associates",
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