Palm oil prices

Published September 2, 2006

KUALA LUMPUR, Sept 1: Malaysian crude palm oil futures closed higher on Friday, boosted by strong export data from cargo surveyors and higher soyaoil prices.

Exports of Malaysian palm oil products in August stood at 1,339,032 tons, up 9.3 per cent from the 1,225,495 tons shipped in July, cargo surveyor Intertek Testing Services said.

Another surveyor, Societe Generale de Surveillance, said exports during the month stood at 1,367,456 tons, up 12.8 per cent from the 1,211,764 shipped in July.

Exports have helped the market and there is good buying at these levels, one dealer said.

The benchmark third-month November crude palm oil contract on the Bursa Malaysia Derivatives market closed up 12 ringgit at 1,590 ringgit ($434) a ton after trading as high as 1,602 ringgit.

Other traded months gained between 12 and 30 ringgit. Volumes stood at 11,186 lots of 25 tons each.

On Thursday, Chicago Board of Trade September soyaoil futures ended 0.27 cent per lb higher at 25.21 cents, with deferreds 0.12 to 0.28 firmer.

In the physical crude palm oil market, sellers were quoting 1,590 ringgit a ton for September shipment and buyers 1,580 ringgit.Trades were done between 1,585 and 1,595 ringgit.

—Reuters

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