950818

Malaysian

palm oil

higher

KUALA LUMPUR: Malaysian palmoil prices closed higher with late sentiment helped by talk that India's National Dairy Development Board (NDDB) has bought 12,000 tonnes of palm olein, traders said.

Traders were unable to confirm the purchase.

NDDB was seeking a total of 16,000 tonnes palm olein, 4,000 for last-week Aug shipment and 12,000 for first-half Sep.

Traders said higher Chicago soyoil futures prices overnight and talk that Pakistan will tender for palmoil early next week also underpinned sentiment.

Traders also noted further refiner covering for physical prompt oil.

Prospects of export demand and renewed concern about hot weather in U.S. soybean growing areas may extend gains into next week, they said. "I think there's room for more upside in the short term. But the longer term outlook is still not very encouraging," said one trader.

Third position Nov crude palmoil futures ended up 20 ringgit at 1,350 ringgit ($541) a tonne.

Volume on the futures market was 1,365 lots against 1,573 on Thursday.

Physical Aug crude palm oil (south) was offered at 1,430 ringgit ($574) a tonne after trading up to 1,425 ringgit.

Among products, Sep RBD palm olein was offered at $625 a tonne FOB Malaysia, Oct at $617.50 and Oct/Nov/Dec at $617.50. Oct/Nov/Dec was traded at $613.50.

Sep RBD palmoil saw offers at $605, Oct at $600 and Oct/Nov/Dec at $600.

Sep RBD palm stearin noted sellers at $502.50 and Oct at $495. Sep/Oct palm fatty acid distillate were offered at $425.-Reuter