Palm oil prices rally

Sat, 16 Jul 1994 | Source: REUTERS

KUALA LUMPUR (Reuter): Malaysian palmoil prices rallied to close sharply up on active buying after the Palm Oil Registration and Licensing Authority (PORLA) released supportive June palmoil figures today, traders said.

"Prices jumped in the afternoon on the PORLA's figures," a trader at a commission house said.

PORLA said end-June stocks rose 3.48 percent to 470,423 tons from end-May. Analysts had earlier estimated stocks at 495,000 tons.

Output in June rose by 8.20 percent to 559,737 tons from May.

The market had widely expected June output to rise by nine to 10 percent.

June exports were 432,033 tons against 484,030 in May.

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