KL palm oil rises on data

KL palm oil rises on data

KUALA LUMPUR (Reuters): Declines in stocks and output for February prompted short covering in Malaysia's palm oil futures at the close on Wednesday but some traders expected gains to be shortlived.

Benchmark third-month May rose 22 ringgit to 753 ringgit ($198.16) a tonne. Volume was 2,066 lots.

February (south) crude palm oil was offered at 710 ringgit a ton against bids of 705 ringgit, and trade was done at 700 to 710. February (central) crude palm oil saw offers at 710 ringgit a ton against bids of 700 and deal was done at 700 to 705.

March (south and central) saw offers at 725 against bids of 720 and deals were reported at 710 to 720 for both regions. Among refined products, March RBD palm oil was offered at $202.50 a ton FOB and April at $207.50.

There were offers for March RBD olein at $212.50 and April at $217.50.

March RBD palm stearin was offered at $180 and March palm fatty acid distillate at $167.50.