Palm oil rebounds

KUALA LUMPUR, June 13: Malaysia’s palm oil futures closed higher on Friday after weekend covering plucked the benchmark August contract from early lows, traders said.

At the close, third-month August rose seven ringgit to 1,457 ringgit a ton after trading a slow as 1,438 ringgit due to profit-taking. Overall volume was moderate at 4,326 lots.

Some traders said the market looked overbought and needed to trade above 1,460 ringgit resistance level to sustain the upward momentum. The August contract closed at 1,450 ringgit on Thursday, up 10 ringgit.—Reuters

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