Malaysia palm oil closes higher

Malaysia palm oil closes higher

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed higher on Monday, helped by continued strength in physical prices, traders said.

The benchmark third-month January futures KPOF1] contract ended up eight ringgit at 849 ringgit (US$223.42) a ton after trading as high as 853 ringgit.

"The cash market is firmer and this is pushing up futures prices. Charts are also supportive," said one trader. Traders noted continued trade and refiner covering on the physical market.

Traders said higher export figures for the first 20 days of October had also supported earlier prices.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said on Friday Malaysian palm oil exports for October 1-20 were 659,332 tons compared with 478,088 tons for the same period in September.

Physical October (south) crude palm oil was offered at 805 ringgit a ton against bids of 800. It traded at 785 to 800 ringgit.

November (south) was offered at 815 ringgit against bids of 810, with trades done at 800 to 810.

Among refined products, November RBD palm oil was offered at $230 a ton FOB and December at $235.

There were offers for November RBD palm olein at $252.50 and December at $257.50.

November RBD palm stearin was offered at $165 and November palm fatty acid distillate at $130.