September 27, 2002	Friday	Rajab 19, 1423

KUALA LUMPUR, Sept 26: Malaysian palm oil ended higher on bullish export figures released a day earlier and overnight rises in US soyaoil.

Benchmark third-month December futures, which closed 12 ringgit up at 1,389 ringgit ($365.53) a ton, could test 1,400 on Friday if nearby contracts in Chicago remain supportive, local traders said.

They said direction will depend almost entirely on soyaoil until the local market sees export data for September 1-30 on Monday.

We could test 1,400 in the meantime but 1,400 is a strong resistance, said a dealer.

But we can safely break that barrier if this month’s exports are 1.07m tons or more, he said.

Exports for the first 25 days of September stood at 866,097 tons, up from 750,816 for August 1-25, the market’s main cargo tracker Societe Generale de Surveillance said on Wednesday.

In physical crude palm oil, the southern region saw the October/November contracts closing with bids at 1,395 ringgit a ton, against sale offers at 1,400. Trades were reported first at 1,390, then 1,395 and finally at 1,392.50.—Reuters