Palm oil prices firm

Palm oil prices firm

LONDON (Reuter): Talk in the Far East of Indonesian buyers
seeking cover on the Malaysian market underpinned palm oil prices
in Europe at midday yesterday.

Traders said Indonesian buyers had been in the Malaysian
market on Monday and taken a few parcels of palm products and had
been back for more today.

"They, the Indonesian's, are working a hit-and-run operation,
taking a odd parcel here and there when the price is right and
getting out when values rise," said a trader.

Traders were unable to say how much palm oil Indonesia has
taken in the last two days.

At midday in Europe crude palm oil was US$7.50 to $12.50 up
after Oct traded at $540 and Nov/Dec at $530 a ton CIF in early
dealings.

Among refined palm oils RBD oil was $12.50 up after Oct traded
at $497.50 while olein was $12.50 to $15 higher after Oct fetched
$540, Nov $532.50, Nov/Dec $527.50 and $530 and Jan $535 a ton
fob Malaysian ports.

The lauric oils sector was quiet with coconut oil sellers
$2.50 up to unchanged and palmkernel oil unchanged to $5 higher.