Palm oil prices up

Published September 23, 2003

KUALA LUMPUR, Sept 22: Malaysian palm oil futures ended up again on Monday, briefly touching a three-month high, helped by strengthening exports and a continuous rise in rival US soyaoil.

The third-month December futures, up by a total of 82 ringgit in the previous six sessions, added a further 14 ringgit to end at 1,429 ($376.05) a ton.

The December contract — up 96 ringgit since the start of the September 12 rally — was expected to meet resistance at 1,450 ringgit and find support at 1,410, dealers said. Overall volume was heavy at 7,897 lots but lower than Friday’s 8,451 lots.

In physical crude palm oil trade, the September contract saw bids/offers at 1,475/1,485 ringgit a ton in both the southern and central regions of Malaysia. Trades were reported at 1,475 to 1,480 in the south and at 1,480 to 1,475 in the central zone.—Reuters

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