KUALA LUMPUR, June 17: Malaysia’s palm oil futures were firmer on Tuesday after last-minute covering pushed up benchmark September contract which nearly touched the key 1,400 ringgit support level.
At the close, third-month September contract was quoted at 1,426 ringgit ($375.26) a ton, up 18 ringgit, after trading as low as 1,405 ringgit. Overall volume was heavy at 5,079 lots.
These factors were weighing on the palm oil futures which could fall to a near one-year low of 1,300 ringgit ($342.11) a ton this year, said James Fry, managing director of LMC International Ltd, an economic consultancy based in Britain.
July CPO for southern and central regions was offered at 1,525 ringgit a ton against bids of 1,520 ringgit. There were deals at 1,515 ringgit for both sides. —Reuters
