KL palmoil ends higher

KL palmoil ends higher

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed mostly higher on Tuesday on prospects of more purchases by China, which is suffering from a severe drought.

Traders said an expected increase in soybean futures on the Chicago Board of Trade (CBOT), which is waiting for the release of U.S. Department of Agriculture (USDA) supply/demand data on Tuesday, also helped support the Malaysian market.

At the close, Malaysia's benchmark third-month August contract was up 13 ringgit at 819 ringgit ($215.52) a ton. Overall volume was 1,247.

In the physical sector, June crude palm oil (CPO) for the southern and central regions was offered at 810 ringgit a ton against bids at 805. Trades were done at 805 ringgit for both sides.

July CPO for the southern and central regions saw offers at 825 ringgit against bids of 820. Trade was reported at 815 to 820 for south and 815 for central.

Among refined products, June/July RBD palm oil was offered at $232.50 a ton FOB and August/September at $235.

There were offers for June/July RBD olein at $245 and August/September at $250.

June RBD palm stearin was offered at $180 and June palm fatty acid distillate at $150.