KL palm oil shrugs off data, jumps on CBOT

KL palm oil shrugs off data, jumps on CBOT

KUALA LUMPUR (Reuters): Malaysia's palm oil futures shrugged off bearish July 1-10 exports data and closed sharply higher on Tuesday on rises in soybean futures on the Chicago Board of Trade (CBOT) electronic trading.

The benchmark third-month September contract ended up 39 ringgit at 959 ringgit (US$252.37) a ton, the day's high. Volume was heavy at 2,682 lots.

In Alliance/CBOT/Eurex trading, CBOT soybeans firmed across the board on worries over weather development in the U.S. Midwest, said traders. July was up 2-1/2 cents per bushel at $5.06 at 0951 GMT (4.51 p.m. Jakarta time).

Earlier, cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said the country's palm oil exports in July 1-10 fell to 219,499 tons from 296,953 tons in June 1-10.

Physical July crude palm oil for the southern region was offered at 955 ringgit a ton against bids of 945. Deals were done at 945.

July CPO for the central region saw offers at 950 ringgit against bids of 945 and deals were reported at 945 to 950.

August crude palm oil for the southern and central regions was offered at 970 ringgit a ton against bids of 960. Deals were reported at 950 to 960.

Among refined products, July RBD palm oil was offered at $270 a ton and August at $272.50. There were offers for July RBD olein at $290 and August at $292.50.

July RBD palm stearin was offered at $200 and July palm fatty acid distillate was offered at $165.