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Date
 13/07/2001
News Provider
 Mahamad Rodzi Abdul Ghani
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 NULL
Headline
 MALAYSIAN PALM OIL JUMPS ON CHICAGO, FOCUS ON MPOB

MALAYSIAN PALM OIL JUMPS ON CHICAGO, FOCUS ON MPOB

KUALA LUMPUR, July 12 (Reuters) - Malaysia's palm oil futures touched1,000 ringgit on Thursday, a level last seen 10 months ago, on overnightrises in Chicago and expectations of market-friendly June data.The benchmark third-month September contract was up 24 ringgit at 1,000ringgit ($263.16) a tonne, a morning high. Overall volume stood at 1,184lots.Just after the market closed for the midday break, the officialMalaysian Palm Oil Board (MPOB) said June palm oil output fell 6.11percent to 924,855 tonnes from 985,062 tonnes in May."The market will jump up further because of the data," said one traderin Kuala Lumpur.Another said: "Shall I upgrade this baby bull to small bull? I think heis no longer a baby when he is staying above 900 ringgit."The market is able to hold the uptrend each time profit taking comesin," he added.Some traders said they expected India to keep buying palm oil ahead ofthe Diwali festival in November despite the rising prices in the Malaysianmarket."I am sure they will come to us because I don't see much offer fromIndonesia," said the first trader, referring to the world's second largestproducer and Malaysia's competitor.In its report, the MPOB also said end-June stocks were down 13.05percent to 1.03 million tonnes against 1.19 million tonnes at end-May.Stocks were at 1.04 million tonnes at end-June last year.Exports in June stood at 969,779 tonnes compared with 876,867 tonnes inMay and 742,729 tonnes in June 2000, MPOB said.Physical July crude palm oil for the southern and central regions wasquoted at 1,000 ringgit a tonne against bids of 990 ringgit. Deals weredone at 985 to 990 for both regions.August crude palm oil for the southern and central regions saw offersat 1,005 ringgit against bids of 1,000. There were deals at 1,000 for bothregions.Among refined products, July RBD palm oil was offered at $285 a tonneand August at $287.50.There were offers for July RBD olein at $305 and August at $307.50.July RBD palm stearin was offered at $210 and July palm fatty aciddistillate was offered at $270.


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