KL palm oil prices end higher

KL palm oil prices end higher

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed higher on Friday as steady technical buying more than offset a slightly bearish crop report from private forecaster Ivan Wong, traders said.

The benchmark third position September futures contract KPOU0] ended up six ringgit at 1,039 ringgit ($273.42) a ton after trading at an early low of 1,027 ringgit. Overnight losses in Chicago soyoil futures had weighed on initial prices.

Physical prices were also firm amid further covering by refiners, traders said.

July (south) crude palm oil was offered at 1,025 ringgit a ton against bids of 1,020. It traded from 1,015 to 1,020. July (central) traded up to 1,025.

Among refined products, July RBD palm oil was offered at $290 a ton FOB, August at $292.50 and September at $295.

July RBD palm olein saw offers at $310, with August at $312.50 and September at $315.

July/August RBD palm stearin was offered at $235 and July/August palm fatty acid distillate at $190.