960419

Malaysian

palm oil prices

higher

KUALA LUMPUR: Despite intermittent bouts of profit-taking, Malaysian palm oil prices closed the week higher on bullish sentiment from other vegetable oils, refiners' buying and further technical support.

"Laurics oils in the Philippines and Rotterdam went up and soyoil also surged strongly, so palmoil had to follow," a trader said, adding that profit-taking at higher levels were mostly absorbed. "Sentiment is firm. Players are also covering in anticipation of more buying from refiners," a dealer said.

"Third month, July futures broke the 1,280 ringgit, and we expect it to test the 1,300 ringgit next week," a dealer said.

At the close, July futures was up 21 ringgit at 1,278 ringgit ($512.02) as some light profit-taking emerged at the close. Immediate support level was at 1,260 ringgit.

"Refiners are still short of prompt and May crude palmoil and were seen buying in the market on Friday," a dealer said.

Physicals saw firm dealing with interest again focusing on the nearby crude palmoil. Physicals April crude palmoil (south) was offered at 1,300 ringgit after trading at 1,285 to 1,295.

In central region, April was traded at 1,270 to 1,280, and May (south) was traded from 1,285 to 1,295 and May (north) at 1,270 and 1,280.

Sentiment was also helped by the presence of India's STC in the market, they said. India had tendered to buy 6,000 tonnes of RBD palm olein for May 8-22 shipment, but results of this was unknown at the market's close.

Traders said the market was awaiting a fresh report from private crop forecaster Ivan Wong on Monday.

Traders said May RBD palm olein was offered at $565, June at $562.50, and July/Aug/Sept at $560. May was dealt at $560 and July/Aug/Sept at $555.

April RBD palm stearin noted offers at $435 and May/June at $430. April/May/June palm fatty acid distillate saw sellers at $350.

PALMOIL FUTURES

PALMOIL PHYSICALS July (3rd pos) 1,278 rgt/tonne

April south 1,300 Hi/low 1,281/1,263 Prev close 1,280 prev settlement 1,257 sellers prices

PALMOIL FUTURES : Prices ended firmer on bullish sentiment from other vegetable oils, refiners buying and an Indian tender today. Profit-taking at high levels were mostly absorbed. Trading was brisk with volume picking up on increased buying. Market awaits forecaster Ivan Wong's report om Monday .

PALMOIL PHYSICALS -Remains firm due to continued refiners' buying, interest was seen among CPOs in north and south regions.-Reuter