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News Admin
 
Date
 19/10/2001
News Provider
 Mahamad Rodzi Abdul Ghani
News Source
 NULL
Headline
 Malaysia palmoil breaks resistance

KUALA LUMPUR, Oct 18 (Reuters) - Malaysian palm oil futures broke a keyresistance level and edged higher by midday on Thursday due to technicalcovering and talk of market-friendly export figures, traders said.Cargo surveyors ITS and SGS are scheduled to release the export figuresfor the first 20 days of October next Monday.At the midday break, the new benchmark third-month January contract wasup 11 ringgit at 951 ringgit ($250.26) a tonne after trading as high as956 ringgit.Overall volume was moderate at 1,534 lots."I am sure the market will close above 946 ringgit," said one technicalanalyst, referring to the key resistance level which the market hadbroken."People are also optimistic about the export figures. My estimates sayexports can reach 850,000 tonnes," he added.The analyst pegged support at 920 ringgit and new resistance at 980ringgit.At the physical sector, traders said buyers from India showed interest tobuy crude palm oil (CPO) after New Delhi cut the import price of CPO to$286 a tonne from $337 fixed in August.The base price of RBD olein was also cut, but higher compared with CPO at$307 a tonne from $372 previously.Traders said Indian importers preferred to buy CPO than olein because oflower base prices."India's interest for CPO is there. I heard deals with Indian importershave been done in the past few days, but I have no details about theamount," said one trader.In physical palm oil, offers for October crude palm oil for the southernregion stood at 860 ringgit a tonne against bids of 855. A deal wasreported at 850 ringgit.Offers for CPO for the central region stood at 865 ringgit against bids of855. A deal was done at 855 ringgit.Offers for November CPO for the south and central regions were at 880ringgit against bids at 865. There were no deals.Among refined products October RBD palm oil was offered at $235 a tonne,November at $240 and December at $247.50.Offers for October RBD olein were at $242.50, with November at $247.50 andDecember at $255.October RBD palm stearin was offered at $237.50 a tonne and October palmfatty acid distillate at $205.


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