Short covering lifts KL palm

Short covering lifts KL palm

KUALA LUMPUR (Reuters): Malaysia's palm oil futures closed mostly higher on Wednesday as players took profits ahead of the Independence Day celebration.

At the close on Tuesday, the benchmark third position November futures contract rose 10 ringgit to 1,003 ringgit ($261.32) a ton, after trading as high as 1,009.

Volume was 1,526 lots against 1,076 at the close Tuesday.

The market will be closed on Thursday for the 43rd anniversary of Malaysia's independence from Britain. It reopens on Friday.

Physical Sep (south and central) was offered at 970 ringgit against bids of 965. Trade was reported at 967.50.

Among refined products, Sep RBD palm oil was offered at $272.50 a ton FOB, Oct at $277.50 and Nov/Dec at $285.

There were offers for Sep RBD palm olein at $292.50, Oct at $297.50 and Nov/Dec at $305.

Sep RBD palm stearin was offered at $210 and Sep palm fatty acid distillate at $180.