Malaysia palmoil futures higher at close of trading

Malaysia palmoil futures higher at close of trading

KUALA LUMPUR (Reuters): Overnight rallies in Chicago and
bullish August export figures supported Malaysian palm oil
futures on Friday, but last-minute profit-taking capped gains,
traders said.

"The market has firmed because of Chicago and news that
Indonesia has delayed cutting the tax, but then there was last
minute profit-taking," said one.

At the close the benchmark third position November futures
contract rose five ringgit at 1,008 ringgit ($265.26) a ton after
trading as high as 1,020 ringgit.

Volume was 673 lots against 1,526 at the close on Wednesday.
The market was closed on Thursday for the Independence Day
celebration.

Export data from cargo surveyors Intertech Testing Services
(ITS) and Societe Generale de Surveillance Malaysia Sdn Bhd (SGS)
proved bulish.

SGS said Malaysian palm oil exports for August were 726,388
tons against 719,360 tons in July. Earlier, ITS estimated exports
at 755,337 tons in August against 733,981 in July.

Indonesia's Finance Minister Prijadi Praptosuhardjo said on
Thursday Jakarta had postponed its plan to cut export taxes of
crude palm oil (CPO) and its by-products, saying the issue would
need to be discussed with the International Monetary Fund.

Jakarta's decision could upset expectations that the Malaysian
government would release next week the list of firms to be
allowed to export crude palm oil without duty.

Physical Sep (south and central) was offered at 970 ringgit
against bids of 965. Trade was reported at 965. Oct (central) was
offered at 1,000 ringgit against bids of 995, and traded at 995
to 1,000.

Among refined products, Sep RBD palm oil was offered at $275 a
ton FOB, Oct at $280 and Nov/Dec at $285.

There were offers for Sep RBD palm olein at $295, Oct at $300
and Nov/Dec at $305.

Sep RBD palm stearin was offered at $210 and Sep palm fatty
acid distillate at $180.