SINGAPORE, June 13: Malaysian palm oil futures recovered earlier losses to close mostly higher on Monday due to late covering and a rebound in the soyaoil market. By the close, the benchmark third-month crude palm oil on Bursa Malaysia Derivatives, August, settled seven ringgit higher at 1,380 ringgit ($363.16) a ton.
Overall volume was moderate at 5,366 lots.
The August contract had fallen to a low of 1,364 ringgit — just above a key support of 1,350 ringgit — in afternoon trade as physical buyers retreated and demand slackened on weak refining margins.
The US Department of Agriculture raised its US 2004/05 end oil stocks to 1.526 billion lbs from 1.241 billion lbs.
Deals were reported at 1,385 to 1,390 ringgit.
The June/July contracts saw bids at 1,385 ringgit a ton against offers at 1,390 ringgit in the central region.
Deals were done at 1,380 to 1,385 ringgit a ton for June and at 1,385 ringgit for July.
