KUALA LUMPUR, Aug 15: Malaysian crude palm oil futures closed up after data showing a steady pick up in palm oil exports helped the market rebound from a weak morning.
Dealers said they expected the market to remain at 1,370 to 1,380 ringgit ($365-$368) a ton, supported by strong demand and a possible drop in August production of palm oil due to fewer working days on plantations.
Prices hit a three-week high on Friday after the government declared an emergency in two areas of a major palm oil-growing state due to haze from Indonesian forest fires.
But trade was a mere 3,018 lots of 25 tons each — just about half of the level seen on a typically active day.
In physical dealings of crude palm oil, August contract was offered at 1,375 ringgit a ton and bid at 1,370 in the southern region of Malaysia. In the central region, the contract was offered/bid at 1,370/1,365 ringgit.
Trades were reported at 1,365-1,370 ringgit in the south and 1,362.50-1,365 in the central region. —Reuters
