KL palm oil holds up on pre-holiday buying<\/p>\n
KUALA LUMPUR (Reuters): Malaysian palm oil futures held firm
\non Friday on buying from players covering ahead of a shorter
\ntrading week ahead, traders said.<\/p>\n
The market will be closed on Monday for the Muslim New Year.<\/p>\n
Sentiment was still not very good, with players worried about
\ngrowing stocks of crude palm oil due to the government's slow
\ndelivery of its promise to burn excess oil in the market.<\/p>\n
"The burning issue in the market is whether all this oil is
\ngoing to be burnt," said a trader, referring to a government
\npledge to use some 600,000 tons of oil as fuel for energy plants.<\/p>\n
An industry source working with the government on the proposed
\nburning said on Friday the plan was progressing well and would
\ntake off very soon.<\/p>\n
The benchmark third-month June futures closed unchanged at 830
\nringgit (US$219.73) a ton after moving between a high of 840 and
\nlow of 822.<\/p>\n
Volume was a modest 1,592 lots.<\/p>\n
The physical sector also noted some covering ahead of the
\nholiday.<\/p>\n
Traders said the physical sector was mostly quiet as players
\nwaited for fresh leads.<\/p>\n
Physical March (south and central) was offered at 810 ringgit
\nagainst bids of 805. No evening trade was reported but in the
\nmorning the contracts traded at 810 ringgit.<\/p>\n
April (south) was offered at 815 ringgit and bid at 810. It
\nwas traded at 810.<\/p>\n
April (central) saw offers at 810 ringgit against bids of 815.
\nNo trade was reported in the evening. In the morning south traded
\nat 810 and central between 810 and 815.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-holds-up-on-pre-holiday-buying-1447893297",
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