KL palm oil ends higher

KL palm oil ends higher

KUALA LUMPUR (Reuters): Malaysian palm oil prices closed higher on Monday on further short covering interest after recent losses and private crop forecaster Ivan Wong's preliminary estimates of April output, closing stocks and exports.

The benchmark third-month July contract rose eight ringgit to 796 ringgit ($209.47) a ton.

Wong said Malaysia's palm oil output was expected to rise slightly to 900,000-905,000 tons in April from 885,013 a month earlier.

Wong forecast end-April stocks at 1.1 million tons, down from 1.25 million at the end of March.

Exports in April were estimated at 890,000 tons against 974,076 in March.

Physical April crude palm oil for the southern region was offered at 775 ringgit a ton against bids at 765. No trade was reported.

May crude palm oil (south) saw offers at 780 ringgit a ton against bids of 775 and trade at 775 to 780.