Palm oil at 2.5 month high on India talk<\/p>\n
KUALA LUMPUR (Reuters): Technical covering pushed Malaysian
\npalm oil futures to a 2-1\/2 month high on persistent talk that
\nIndia planned to cut import duty, traders said on Wednesday.<\/p>\n
The benchmark third-month September contract was up 16 ringgit
\nat 854 ringgit (US$224.74) a ton. Volume was 2,005 lots.<\/p>\n
India, whose crude palm oil import duty stands at 75 percent,
\nwas Malaysia's biggest palm oil buyer in 2000, taking 2.03
\nmillion tons.<\/p>\n
Traders who deal with Chinese buyers said the market was
\nhoping that demand by China would increase in the coming months
\nbecause of the drought there.<\/p>\n
Traders and analysts in India said on Wednesday the country's
\ndemand for edible oil was likely to dip in the near term due to
\nmonsoon rains but may pick up from September with the start of
\nthe festival season.<\/p>\n
The short-term fall, however, will not affect imports, they
\nsaid.<\/p>\n
Consumption in the festival season is also boosted by a drop
\nin edible oil prices following the arrival of domestic winter
\ncrops and an increase in farmers' income after the harvest.<\/p>\n
Physical June\/July crude palm oil (CPO) for the southern
\nregion was offered at 845 ringgit a ton against bids at 840.
\nTrade was reported at 840 to 845.<\/p>",
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