KL palm oil ends higher on technical rebound

KL palm oil ends higher on technical rebound

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed higher on Wednesday, reversing their morning trend on a technical rebound.

Traders said short covering interest ahead of the release of fresh data later in the week helped push prices back above 800 ringgit a ton.

The benchmark third-month February futures contract ended up 13 ringgit at 808 ringgit (US$212.63) a ton after trading as low as 783.

Private forecaster Ivan Wong has estimated end-November stocks at a record high of 1.56 million tons, up from 1.41 million tons at end-October. Stocks will stay high at 1.48-1.49 million tons at the end of December, he said.

December (south) crude palm oil was offered at 750 ringgit a tonne against bids at 735 and trade at 730 to 735.

January (south) crude palm oil was offered at 780 ringgit against bids of 775 and trade at 760 to 775.

Among refined products, December RBD palm oil was offered at $212.50 a tonne FOB and January at $217.50.

There were offers for December RBD palm olein at $222.50 and January at $227.50.

December RBD palm stearin was offered at $202.50 and December palm fatty acid distillate at $165.