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May 8, 2002
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Wednesday
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Safar 24, 1423
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Malaysian palm oil higher
KUALA LUMPUR, May 7: Malaysian palm oil futures firmed at the close on Tuesday, aided by a technical rebound and short covering on the physical side, traders said.
Benchmark third-month July futures ended 15 ringgit higher at 1,207 ringgit ($317.63) a ton.
The contract touched a high of 1,211 ringgit after breaking key resistance of 1,205. Volume was heavy at 2,042 lots.
It’s a technical rebound. The market has been down for some time, said one analyst, adding that the market would trade in a tight range of 1,207-1,215 on Wednesday.
Trade was reported at 1,205 to 1,210 for May (south) and at 1,210 for May.—Reuters
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