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KUALA LUMPUR, Jan 25: Malaysian crude palm oil futures ended 1.4 per cent higher on Friday as investors took up positions after rallies in crude and soyaoil markets while ignoring dismal export estimates by cargo surveyors.
The benchmark April contract on the Bursa Malaysia Derivatives Exchange settled up 44 ringgit at 3,255 ringgit ($1,005) per ton, after going as high as 3,285 ringgit and hitting lows at 3,054 ringgit.
It has been on a see-saw ride but it seems that investors are more inclined (to) push the palm oil market higher as global commodity markets are recovering well. Weak exports are on the back-burner, said a trader with a foreign brokerage.
Other traded months rose between 4 and 76 ringgit.
Overall trade rose to 15,453 lots of 25 tons each from 10,000 lots that change hands on a routine day.
Demand for Malaysian palm oil has waned with cargo surveyor Intertek Testing Services reporting a decline of 29.8 per cent to 784,439 tons for Jan. 1-25 while Societe General de Surveillance said exports fell 27.1 per cent to 816,471 tons.
The benchmark April contract on the Bursa Malaysia Derivatives Exchange settled up 44 ringgit at 3,255 ringgit ($1,005) per ton, after going as high as 3,285 ringgit and hitting lows at 3,054 ringgit.
It has been on a see-saw ride but it seems that investors are more inclined (to) push the palm oil market higher as global commodity markets are recovering well. Weak exports are on the back-burner, said a trader with a foreign brokerage.
Other traded months rose between 4 and 76 ringgit.
Overall trade rose to 15,453 lots of 25 tons each from 10,000 lots that change hands on a routine day.
Demand for Malaysian palm oil has waned with cargo surveyor Intertek Testing Services reporting a decline of 29.8 per cent to 784,439 tons for Jan. 1-25 while Societe General de Surveillance said exports fell 27.1 per cent to 816,471 tons.
