July 9, 2003	Wednesday	Jumadi-ul-Awwal 8,1424

KUALA LUMPUR, July 8: Malaysia’s crude palm oil futures ended mostly higher on Tuesday, aided by refiners covering on the physical sector, traders said.

The benchmark third-month futures contract, September was four ringgit higher at 1,421 ringgit ($373.94) a ton after trading as low as 1,415 ringgit.

Overall volume was moderate at 4,000 lots.

At least 280,000 tons of RBD palm olein, which is used as cooking oil, had been booked for shipments to China this month, up from 260,000 tons in June, they said. Shipments in August were also seen steady at 280,000 tons.

China has been an active buyer in the past few months to meet domestic demand during the summer months and to replenish dwindling stock. Some traders said the SARS outbreak had encouraged locals to use more edible oils than animal fats.

In the physical sector, the July CPO contract for southern and central regions were offered at 1,535 ringgit a ton against bids of 1,530 ringgit. Deals were done at 1,530 ringgit a ton.—Reuters