KL palm oil futures rebound

KL palm oil futures rebound

KUALA LUMPUR (Reuters): Malaysian palm oil futures rebounded by the close on Wednesday after sellers started to cover positions ahead of the long holiday this week.

"Short covering may continue tomorrow. This is part of the holiday blues," said one trader in Kuala Lumpur.

The benchmark November futures contract ended down two ringgit at 1,071 ringgit (US$281.84) a ton after trading as low as 1,034 on heavy liquidation.

Overall volume stood at 2,493 lots.

The Malaysian market will be closed on Friday for independence day.

On the physical side, August/September for the southern and central regions was offered at 1,075 ringgit a ton against bids at 1,065. Trades were done at 1,050 to 1,070 ringgit for south and 1,070 for central.

Among refined products, September RBD palm oil was offered at $295 a ton and October/November/December at $300.

Offers for September RBD olein were at $310 and October/November/December at $315.

September RBD palm stearin was offered at $255 a ton and September palm fatty acid distillate was offered at $205.