June 24, 2008	Tuesday	Jamadi-us-Sani 19, 1429

KUALA LUMPUR, June 23: Malaysian crude palm oil futures inched up 0.19 per cent on Monday, snapping almost a week of losses, as investors took up contracts in a bout of bargain-hunting.

But gains were capped as investors sought fresh leads, traders said.

Slowing overseas demand also put pressure on prices especially in the light of major buyer India reporting a 17 per cent increase in oilseed acreage, traders said.

By the close, the benchmark September contract on the Bursa Malaysia Derivatives Exchange rose 7 ringgit to 3,558 ringgit ($1,091) per ton.

The market is quiet, awaiting for more leads, said one trader.

Other traded months were between 2 ringgit down and 20 ringgit up.

Overall trade stood at 4,885 lots at 25 tons each.

Exports of Malaysian palm oil products for June 1-20 fell 9.8 per cent to 749,776 tons from 830,873 tons shipped between May 1 and 20, cargo surveyor Intertek Testing Services said on Friday. Another surveyor, Societe Generale de Surveillance, reported declines of 11.2 per cent to 754,539tons.

Oil rose more than $1 on Monday as escalating tensions between Israel and Iran stoked supply concerns and as Saudi Arabia’s promise to pump more oil if needed failed to win over a sceptical market.

In Malaysia’s cash market, crude palm oil for June and July shipments in the southern region was quoted at 3,570/3,580 ringgit. Trades were at 3,560-3,570 ringgit.—Reuters