KUALA LUMPUR, Sept 29: Malaysian crude palm oil futures closed marginally higher in slow trade on Friday as higher prices of rival soyoil lifted the market but a decline in crude oil limited gains.
Dealers said the market was awaiting September palm oil export data to be issued by cargo surveyors at the weekend.
Trading volumes were low because it was an uncertain situation, said one dealer. Soyaoil has risen but crude oil is down.
The benchmark third-month December contract on the Bursa Malaysia Derivatives exchange closed up 10 ringgit at 1,560 ringgit ($423) a ton after trading in a range of 1,548-1,562 ringgit.
Other traded contracts were up between three and 14 ringgit. Overall volume stood at 7,829 lots of 25 tons each, down from 10,000 to 14,000 lots traded on a normal day.
October soyaoil on the Chicago Board of Trade ended 0.24 cent per lb higher at 23.93 cents a lb on Thursday and December up 0.31 at 24.37 cents.
Palm oil is increasingly tracking crude oil prices because of the rapidly expanding global biofuel industry.—Reuters
