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.