950818

Malaysian

palm oil

higher

KUALA LUMPUR: Malaysian palmoil prices closed higher with late sentiment helped by talk that India's National Dairy Development Board (NDDB) has bought 12,000 tonnes of palm olein, traders said.

Traders were unable to confirm the purchase.

NDDB was seeking a total of 16,000 tonnes palm olein, 4,000 for last-week Aug shipment and 12,000 for first-half Sep.

Traders said higher Chicago soyoil futures prices overnight and talk that Pakistan will tender for palmoil early next week also underpinned sentiment.

Traders also noted further refiner covering for physical prompt oil.

Prospects of export demand and renewed concern about hot weather in U.S. soybean growing areas may extend gains into next week, they said. "I think there's room for more upside in the short term. But the longer term outlook is still not very encouraging," said one trader.

Third position Nov crude palmoil futures ended up 20 ringgit at 1,350 ringgit ($541) a tonne.

Volume on the futures market was 1,365 lots against 1,573 on Thursday.

Physical Aug crude palm oil (south) was offered at 1,430 ringgit ($574) a tonne after trading up to 1,425 ringgit.

Among products, Sep RBD palm olein was offered at $625 a tonne FOB Malaysia, Oct at $617.50 and Oct/Nov/Dec at $617.50. Oct/Nov/Dec was traded at $613.50.

Sep RBD palmoil saw offers at $605, Oct at $600 and Oct/Nov/Dec at $600.

Sep RBD palm stearin noted sellers at $502.50 and Oct at $495. Sep/Oct palm fatty acid distillate were offered at $425. PALMOIL FUTURES: Prices extended gains on talk India's National Dairy Development Board has bought 12,000 tonnes palm olein. Higher Chicago soyoil futures overnight and rumour Pakistan will tender for palmoil early next week also underpinned sentiment. But volume remained limited.

PALMOIL PHYSICALS: Followed the futures trend with focus on nearby crude palmoil. Products were quiet.

(Prices in Ringgit/Tonne local delivery/Crude, Bulk)

Aug 1410/1430 ba 1420/1425 (south) 1400/1405/1410 (central)

Sep 1395/1420 ba 1405/1410 (south)

Oct 1375/1410 ba

(Prices in US dlrs/Tonne local for Malaysian ports,Bulk)

RBD PALM OIL

Sep 605 slr

Oct 600 slr

Oct/Nov/Dec 600 slr

RBD PALM OLEIN

Sep 625 slr

Oct 617.50 slr

Oct/Nov/Dec 617.50 slr 613.50 traded

RBD PALM STEARIN

Sep 502.50 slr

Oct 495 slr

Rest unquoted.-Reuter