Palm oil ends higher on export data in KL<\/p>\n
KUALA LUMPUR (Reuters): Malaysian palm oil futures closed
\nhigher on Monday, helped by higher exports in the first 10 days
\nof March.<\/p>\n
Cargo surveyor Societe Generale de Surveillance Malaysia Sdn.
\nBhd. (SGS) said Malaysian palm oil exports for March 1-10 were at
\n299,565 metric tons against 283,135 tons in the first 10 days of
\nFebruary.<\/p>\n
Traders said players were also encouraged by India, Malaysia's
\nbiggest palm oil market, taking more than one third of the total
\nexports.<\/p>\n
India took 111,890 tons, SGS said.<\/p>\n
"The export figures were quite good, and this prompted short
\ncovering interest. But fundamentals have not changed much, so the
\nmarket should not be so bullish," said a trader in Kuala Lumpur.<\/p>\n
The benchmark third-month May futures contract ended up 17
\nringgit at 830 ringgit ($218.42) a ton after trading as low as
\n808.<\/p>\n
A plunging rupiah, which could lead to more competition from
\nIndonesia's palm oil trade, had earlier unnerved the market.<\/p>\n
The rupiah fell past 11,200 against the dollar earlier in the
\nday before bouncing to around 10,500 in the afternoon after Bank
\nIndonesia intervened.<\/p>\n
Traders pegged immediate resistance for May futures at 836
\nringgit, a recent high, and support at 800 ringgit.<\/p>\n
Physical March (south and central) crude palm oil was offered
\nat 790 ringgit against bids at 785. It traded at 785 to 790
\nringgit.<\/p>\n
April (south and central) was offered at 820 ringgit against
\nbids at 810, and trade at 800 to 810.<\/p>",
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