KL palm oil higher on weekend covering

KL palm oil higher on weekend covering

KUALA LUMPUR (Reuters): Malaysian palm oil prices closed higher on Friday in a technical bounce after sharp losses this week.

Traders said the market was helped by covering ahead of the weekend and next week's release of September exports data.

The benchmark third-month December futures contract ended up five ringgit at 901 ringgit ($237.11) a ton after trading as high as 904. For the week, it was down 17 ringgit.

"There's a bit of covering here and there, but the upside looks capped. People are still concerned about the high local stocks," said one trader in Kuala Lumpur.

Cargo surveyors Intertech Testing Services (ITS) and Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) are scheduled to issue export figures for the whole of September on Monday.

Physical prices barely moved due to limited buying interest amid uncertainties in future trend.

Oct (south) crude palm oil was offered at 865 ringgit a ton against bids of 860, and trade was done at 860 to 865.

Among refined products, Oct RBD palm oil was offered at $245 a ton FOB, Nov at $247.50 and Dec at $250.

There were offers for Oct RBD palm olein at $265, Nov at $270 and Dec at $272.50.

Oct RBD palm stearin was offered at $175 and Oct palm fatty acid distillate was offered at $140.