Malaysian palm oil ends at 3-week high

Malaysian palm oil ends at 3-week high

KUALA LUMPUR (Reuters): Malaysian palm oil futures climbed to the highest level in three weeks on further short covering and speculative buying prompted by bullish export figures for the first 25 days of October, traders said.

The benchmark third-month January futures KPOF1] contract closed up 15 ringgit at 870 ringgit (US$228.95) a ton after reaching 875, its strongest level since October 3.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said on Wednesday Malaysian palm oil exports for the first 25 days of October were at 789,807 tons compared with 659,749 tons for the same period in September.

November (south) crude palm oil was offered at 840 ringgit a ton against bids of 835. It traded at 820 to 835 ringgit.

Among refined products, November RBD palm oil was offered at $240 a ton FOB and December at $245.

There were offers for November RBD palm olein at $260 and December at $265.

November RBD palm stearin was offered at $180 and November palm fatty acid distillate at $140.