KL palm oil higher ahead of export data

KL palm oil higher ahead of export data

KUALA LUMPUR (Reuters): Malaysian palm oil futures rebounded on Thursday on short covering prompted by expectations of positive export data for the first 20 days of October, traders said.

The benchmark January contract [KPOF1 closed up 25 ringgit at 847 ringgit ($222.89) a ton, the day's high.

"The market is very bullish because of short covering ahead of the export figures, which we think will be friendly," said one trader in Kuala Lumpur.

"Chartwise, the market is very good, and there's a chance it will break resistance of 850 ringgit," he said.

Physical Oct (south) crude palm oil was offered at 780 ringgit a ton against bids of 775, and trade was done at 750 to 775.

Nov (south) saw offers at 810 and bids at 800, with trade at 775 to 800.

Among refined products, Oct RBD palm oil was offered at $225 a ton FOB, Nov at $230 and Dec at $235.

There were offers for Oct RBD palm olein at $247.50, Nov at $250 and Dec at $255.

Oct RBD palm stearin was offered at $157.50 and Nov at $160, while Oct/Nov palm fatty acid distillate was offered at $130.