December 13, 2002	Friday	Shawwal 8, 1423

KUALA LUMPUR, Dec 12: Malaysia’s palm oil futures closed slightly higher on Thursday, after a choppy session in which a lack of fresh impetus prevented further price gains, traders said.

At the close, the benchmark third-month February was four ringgits higher at 1,617 ringgits a ton after trading as high as 1,631 ringgits. The contract had touched a low of 1,611 ringgits.

Volume was slow at 3,807 lots.

Data for November from the Malaysian Palm Oil Board (MPOB) did not cause surprise.

“It’s rangebound trading. The MPOB number is within expectations. I think the market will be trading within a range of 1,600 and 1,640 ringgits this week,” said one trader.

The market was waiting for December 1-15 palm oil exports data due next week.

The MPOB said on Thursday the country’s crude palm oil output fell 13.57 per cent to 1.06 million tons in November from 1.22 million in October.

In November last year, the production was also at 1.06 million tons, MPOB said.

It said palm oil stocks at the end of last month were up 1.54 per cent to 1.23 million tons from 1.121 million at end-October.

At end-November last year, stocks stood at 1.29 million tons.

Exports for last month were at 941,270 tons, down 9.32 per cent from the 1.04 million in October. In November 2001, exports stood at 990,261 tons.

In the physical market, the crude palm oil contract for December saw bids close at 1,625 ringgits a ton against sale offers of 1,630 ringgits in the southern region.

December (central) was offered at 1,630 ringgits a ton against bids of 1,620 ringgits. Business was done at 1,630 to 1,637.50 ringgits a ton.

January CPO was on offer at 1,630 ringgits a ton against bids of 1,625 ringgits for south and central. Deals were reported at 1,630 to 1,640 ringgits for both sides.—Reuters