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News Admin
 
Date
 11/10/2001
News Provider
 Mahamad Rodzi Abdul Ghani
News Source
 NULL
Headline
 Malaysia's palm oil up on India base price, export

KUALA LUMPUR, Oct 10 (Reuters) - Malaysian palm oil futures firmed acrossthe board on Wednesday due to market-friendly export figures and India'sdecision to revise downwards its base import price of palm oils.By midday, the benchmark third-month December palm oil broke majorresistance of 933 ringgit and was up 48 ringgit at 965 ringgit ($253.95) atonne. It had touched a high of 980 ringgit.Volume was heavy at 2,098 lots.Before the market opened, traders said cargo surveyor Intertek TestingServices (ITS) estimated Malaysia's palm oil exports for the first 10 daysof October at 291,103 tonnes, up from 233,970 tonnes for September 1-10.Another cargo surveyor, Societe Generale de Surveillance Malaysia Sdn Bhd(SGS), whose figures are more closely watched by market players, is due torelease its export estimates for October 1-10 after 0600 GMT on Wednesday."People are reacting to the Indian base price news. But people realisethey couldn't push prices much higher because it will cause the Indians toshun the market," said one trader in Kuala Lumpur.India, the world's largest edible oil importer, has cut the base importprice of crude palm oil to $286 a tonne from the $337 it fixed in August.The base import price of RBD palm oil had been cut to $295 a tonne from$351.The government has also cut the base price of RBD palm olein to $307 atonne from $372.India was Malaysia's main buyer in 2000, taking 2.03 million tonnes ofpalm oil.In physical palm oil, offer for October crude palm oil for the southernregions was at 900 ringgit a tonne against bids of 890. There were dealsat 890 to 900 ringgit.CPO for November for the central region was offered at 895 ringgit againstbids of 890 ringgit. Deals were done at 890 ringgit to 900 ringgit.November CPO was offered at 950 ringgit for southern region against bidsof 942.50 ringgit. Deals were reported at 940 to 955.November CPO for the central region saw offers at 945 ringgit against bidsof 942.50 ringgit. Deals were done at 940 to 945 ringgit.Among refined products, October RBD palm oil was offered at $255 a tonne,November at $260 and December at $265.Offers for October RBD olein were at $262.50, November at $267.50 andDecember at $272.50.October RBD palm stearin was offered at $250 a tonne and October palmfatty acid distillate was offered at $207.50.


ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533