BANGKOK, Nov 10: Malaysia’s crude palm oil futures rose in heavy volume on Thursday as players covered short positions, dealers said. The benchmark third-month January crude palm oil contract on Bursa Malaysia Derivatives settled up 8 ringgit at 1,435 ringgit ($380.6) a ton after touching an intra day low of 1,419 ringgit.
The market had a surprise move today. Everything was bearish, but the market closed up, basically on short covering, said a Malaysian dealer in Kuala Lumpur.
Cargo surveyor Intertek Testing Services (ITS) said exports of Malaysian oil palm products between Nov. 1 and 10 were 262,909 tons, down 44 per cent from the 473,089 tons shipped between Oct. 1 and 10.
Societe Generale de Surveillace, the main independent tracker of Malaysian palm oil shipments, said exports of Malaysian oil palm products from Nov. 1 to 10 were estimated to have fallen 39.8 per cent to 285,482 tons from the 473,891 tons tracked for Oct. 1-10. Other traded months settled up 3 ringgit to 12 ringgit. Overall volume was heavy at 5,885 lots of 25 tons each.—Reuters
