KUALA LUMPUR, Sept 5: Malaysian crude palm oil futures closed off their lows on Monday as short covering helped the market recover from a sharp fall earlier in the day caused by weak prices of US soyaoil. The benchmark third-month crude palm oil on Bursa Malaysia Derivatives, November, closed at 1,384 ringgit ($368.88) a ton, down two ringgit from Friday. Its low for the day was 1,377 ringgit.
Overall volume was just 2,441 lots of 25 tons each. The market typically sees 6,000 lots or more on a busy day.
Palm oil futures were up on Friday as a burst of short covering helped strengthen the market just before the close, although dealers said they could not see much fundamental reasons for the rise.
In physical dealings in crude palm oil on Monday, delivery for September was offered at 1,380 ringgit a ton and bid at 1,375 in the southern region of Malaysia.
In the central region, offers/bids stood at 1,375/1,370.
Trades were reported at 1,370-1375 ringgit in the south and 1,370 in the central region.
