960405

Malaysian

palmoil extends

gains at close

KUALA LUMPUR: Palmoil prices surged further at the close, extending overnight gains on some commission house buying, shortcovering and talk of Indian private parties buying palmoil, traders said.

"There is no other supportive news and I think the rise was due to commission houses buying," a dealer said. "Active buying was seen from 1,235 to 1,245 ringgit (basis June futures)," he said.

At the close, June futures closed 16 ringgit up at 1,245 ringgit ($492.09) a tonne.

Traders said the rise was also attributed to shortcovering by local players in the absence of overseas participation because of the Easter holidays.

Some covering was seen ahead of a crop report from forecaster Ivan Wong, expected on Monday. In his previous report, Wong said March palmoil output was estimated to rise by 30 percent to 557,000 tonnes from February. He put palmoil stocks at 680,000 tonnes at end-March and exports in March at 555,000 tonnes.

Expectation of fresh demand news next week also triggered buying, the dealer said. "There was talk that some Indian private parties may have bought some palmoil," he said.

But dealers were unable to confirm the purchases.

Trading was brisk with turnover totalling 1,652 lots against 1,382 on Thursday.

Physicals saw more refiners' covering, with interest noted among crude palmoil and RBD palm olein.

April crude palmoil (south) was offered at 1,255 ringgit a tonne after trading from 1,240 to 1,250. In the central region, April was traded from 1,220 and 1,235.

In refined products, Apr RBD palmoil was offered at $517.50 a tonne FOB Malaysia, May/June also at $517.50 and July/Aug/Sep at $515. May was traded at $510.

Traders said April RBD palm olein was offered at $550, May/June at $542.50 and July/Aug/Sep at $540. April was traded at $537.50 and May/June at $540.

April RBD palm stearin noted offers at $442.50, May at $440 and June at $435.

April/May/June palm fatty acid distillate saw sellers at $360. PALMOIL FUTURES PALMOIL PHYSICALS

June (3rd pos) 1,245 rgt/tonne April south 1,255

Hi/low 1,246/1,228 Prev close 1,240

prev settlement 1,229 sellers prices

PALMOIL FUTURES: Prices surged in late trade, extending overnight gains on shortcovering, commission house buying and rumours of palmoil purchases by Indian private parties. But there was no confirmation.

PALMOIL PHYSICALS: Market awaits a crop report from forecaster, Ivan Wong expected on Monday. Interest was seen among crude palmoil and RBD palm olein.

(Prices in Ringgit/tonne local delivery/Crude, Bulk)

BID/ASK TRADES

Apr 1250/1255 1240/1250 (south)1220/1235 (central)

May 1250/1260 1240/1252.50 (south)1230/1240 (central)

(Prices in US dlrs/Tonne local for Malaysian ports,Bulk)

RBD PALM OIL

Apr 517.50 slr

May/June 517.50 slr traded 510

July/Aug/Sept 515 slr

RBD PALM OLEIN

Apr 550 slr traded 537.50

May 542.50 slr traded 540

June 542.50 slr

July/Aug/Sept 540 slr

RBD PALM STEARIN

Apr 442.50 slr

May 440 slr

June 435 slr

PALM FATTY ACID DISTILLATE

Apr 360 slr

May 360 slr

PALMOIL CRUDE SUMATRAN/MALAYSIAN SLRS OPTIONS

CIF ROTTERDAM DLRS A TONNE -1100 GMT

Apr 550 slr

May/June 545 slr

July/Sept 532.50 slr.-Reuter