Palm oil up

Published January 23, 2007

KUALA LUMPUR, Jan 22: Malaysian crude palm oil futures rose around one per cent on Monday, lifted by higher prices of rival soyaoil and continuing wet weather that stoked concerns over supplies.

The benchmark third-month April contract on the Bursa Malaysia Derivatives exchange finished up 20 ringgit, or 1.1 per cent, at 1,895 ringgit ($541) a ton.

Soyabean futures at the Chicago Board of Trade closed firm in the nearby months on Friday supported by strong weekly export data and an upswing in the energy markets.

In the physical crude palm oil market, January shipments were quoted at 1,930/1,940 ringgit a ton, with trades done between 1,930 and 1,940 ringgit.

Exports of Malaysian palm oil products for Jan. 1-20 fell 15.8 per cent to 564,823 tons from 670,666 shipped between Dec.

1 and 20, cargo surveyor Intertek Testing Services said. Another cargo surveyor, Societe Generale de Surveillance, said exports during the period fell 7.7 per cent to 604,423 tons compared with the month-ago period.—Reuters

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