KUALA LUMPUR, June 17: Malaysian crude palm oil futures jumped one per cent, rebounding from morning losses, as players took their cue from a fresh rise in rival US soyaoil to chase prices up for a second straight day.
That’s a big drop, said a palm oil trader. It’s really debatable whether we’ll hold at 1,400 ringgit with such exports.
In case we don’t, then we’re talking about returning to the old support of 1,380 ringgit, or even 1,350.
In Kuala Lumpur, the benchmark third-month crude palm oil futures contract on Bursa Malaysia Derivatives, September ended Friday’s trade up 14 ringgit at 1,409 ringgit ($370.79) a ton. Its high for the day was 1,410 ringgit and low 1,388.
Other traded contracts settled up 13 to 14 ringgit.
Trade crossed the 6,000-lot mark typically seen on busy days, with a final volume of 6,569 lots of 25 tons each.
In physical trade of crude palm oil on Friday, contracts for June and July saw bids at 1,410 ringgit a ton in Malaysia’s southern and central regions, against offers at 1,420. Trades were reported at 1400-1410 ringgit for both months. —Reuters
