Palm oil prices up

Thu, 13 Jul 1995 | Source: REUTERS

Palm oil prices up

KUALA LUMPUR (Reuter): Malaysian palm oil prices were higher at midday yesterday on technical buying and shortcovering, fueled by gains in the Chicago soy oil futures overnight.

"Prices moved up because of gains in Chicago. Moreover there was some technical buying at current levels," a trader at a commission house said.

But traders said some players kept at the sidelines as they were closely watching the weather situation in India.

At midday close, September futures was up nine ringgit at 1,384 ringgit (US$564) a ton.

In physical, July crude palm oil (south) was offered at 1,440 ringgit a ton.

Among products, July RBD palm oil was offered at $652.50 a ton, FOB Malaysia, August at $640 and September at $630 and October/November/December at $620.

July RBD palm ole in saw sellers at $670, August at $655, September at $645 and October/November/December at $635.

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