950830

Malaysian

palm oil

closes up

KUALA LUMPUR: Malaysian palmoil prices continued to drift in tight ranges throughout the day before closing slightly higher on pre-holiday covering and gains in Chicago soyoil futures overnight, traders said.

"The market was very quiet. Futures prices were still trading in a tight range on lack of interest and ahead of tommorrow's holiday," a trader said. The market is closed on Thursday for the National Day holiday.

"There were no fresh developments and players just covered their positions and stayed away," he said. "People also keep at the sidelines as they do not know how to trade at the moment."

Players were unsure of the market's immediate trend amid uncertainty about the weather situation in the US "People are just waiting for any fresh news," a trader said.

The market is expecting the release of August palmoil estimates from two cargo surveyors, Caleb Brett and SGS (M) Sdn Bhd on Friday.

Turnover fell to 914 lots from 1,201 on Tuesday.

Third month November futures rose five ringgit to 1,321 ringgit ($529) a tonne after trading in a six-ringgit range.

Physicals Sept crude palmoil (south) was offered at 1,400 ringgit a tonne after trading at 1,395.

Among refined products, Sept RBD palmoil was offered at $590 a tonne FOB Malaysia, Oct at $587.50 and Nov/Dec at $585. Sept was traded at $587.50.

Sept RBD palm olein was offered at $620, Oct at $607.50 and Nov/Dec at $602.50.

Sept RBD palm stearin saw sellers at $492.50 and Oct at $487.50. Sept/Oct palm fatty acid distillate were offered at $415.

PALMOIL FUTURES: Prices closed slightly up on pre-holiday covering and gains in Chicago. Trading remained in tight ranges as players sidelined while awaiting fresh factors, particularly Aug palmoil export data from two cargo surveyors on Friday.

PALMOIL PHYSICALS: Followed futures, with interest among some products. The market is closed now and reopens Sept 1.

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

Sept 1390/1400 ba 1395

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

RBD PALM OIL

Sept 590 seller traded 587.50

Oct 587.50 seller

Nov/Dec 585 seller

RBD PALM OLEIN

Sept 620 seller

Oct 607.50 seller

Nov/Dec 602.50 seller

RBD PALM STEARIN

Sept 492.50 seller

Oct 487.50 seller

Rest unquoted.-Reuter