Malaysian palm oil hits fresh three-month high

Malaysian palm oil hits fresh three-month high

KUALA LUMPUR (Reuters): Malaysian palm oil futures hit a fresh
three-month high at the close on Wednesday on short covering
mostly sparked by expectations of purchases by India, traders
said.

The benchmark third-month September contract ended up 15
ringgit at 884 ringgit (US$232.63) a ton after trading as high as
887 ringgit. Volume was 1,219 lots.

Traders in India said on the country's edible oil demand is
expected to firm up in the coming months with the beginning of
the high-consumption festival season and despite a surge in
global prices.

Physical July crude palm oil for the southern region was
quoted at 875 ringgit a ton against bids of 870. Trade was
reported at 855 to 860 ringgit for the southern region.

July CPO for the central region saw offers at 875 ringgit
against bids of 865. Trade was done at 865.

August crude palm oil for the southern region was offered at
885 ringgit a ton against bids of 880. Business was reported at
875.

August CPO for the central region saw offers at 880 ringgit
against bids of 875. Trade was at 875.

Among refined products, July RBD palm oil was offered at $245
a ton and August at $247.50.