KUALA LUMPUR, May 8: Malaysian palm oil closed up for a second straight day, fuelled by optimism that exports for the first 10 days of this month would be sharply higher from the same period in April.

But gains were capped by profit-taking and withholding of positions by some players awaiting May 1-10 export estimates from cargo surveyor Societe Generale de Surveillance, due on Monday, dealers said.

Volume was average at 4,681 lots.

July futures jumped 21 ringgit on Wednesday on talk that SGS’ estimates for May 1-10 could be around 360,00 to 375,000 tons.

May central was offered/bid at 1,470/1,460. Trade was reported at 1,460.

June CPO was heard at 1,450/1,440 ringgit a ton in the southern region and at 1,450/1,435 in the central zone. No business was reported. —Reuters