KL palmoil at 4-week high

KL palmoil at 4-week high

KUALA LUMPUR (Reuters): Malaysia's palm oil futures ended at the highest level in four weeks on Thursday on the back of technical covering and amid rumors of intensive government intervention to support prices, traders said.

Benchmark third-month May gained 29 ringgit to 780 ringgit ($205.26) a ton. Volume was heavy at 3,099 lots.

March (south and central) crude palm oil was offered at 745 ringgit a ton against bids of 740 ringgit, and trade was done at 735 to 740 for both regions.

April (south and central) saw offers at 770 against bids of 765 and deals were reported at 765 to 770 for south and at 765 for central.

Among refined products, March RBD palm oil was offered at $217.50 a ton FOB and April at $222.50.

There were offers for March RBD olein at $225 and April at $230.

March RBD palm stearin was offered at $190 and March palm fatty acid distillate at $165.