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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

13/11/2001

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

Malaysian palm oil breaks key resistance
KUALA LUMPUR, Nov 12 (Reuters) - Malaysian palm oil futures broke a keyresistance level and firmed across the board by midday on Monday onmarket-friendly export figures and overnight rises in Chicago, traderssaid.Benchmark third-month January was 32 ringgit higher at 1,152 ringgit($303.16) after trading as high as 1,159 ringgit. Volume was heavy at2,370 lots.One technical analyst said chances were good the market would hit the nextresistance level of 1,200 ringgit after the January contract broke theprevious key resistance of 1,153 ringgit.Malaysian palm oil exports in the first 10 days of November were estimatedto have risen to 398,932 tonnes from 291,103 tonnes in the same periodlast month, cargo surveyor Intertek Testing Services (ITS) said on Monday.Another cargo surveyor, Societe Generale de Surveillance Malaysia Sdn Bhd(SGS), whose figures are more closely watched by the market, is due torelease its export estimates for November 1-10 after 0600 GMT on Monday."I think the rally will take over the classic bear. Believe it or not, thecurrent upside could hit the previous high of 1,315 ringgit recorded onAugust 8, 2001," said the analyst."The downside is limited," she said.Just before the market closed for the midday break, the official MalaysianPalm Oil Board (MPOB) said Malaysia's crude palm oil output rose 3.66percent to 1.14 million tonnes in October from 1.10 million tonnes inSeptember.The month's output was little changed year on year versus the 1.18 milliontonnes in October 2000, it added.The MPOB said end-October stocks were up at 1.34 million tonnes against1.22 million tonnes at end-September and down versus last October's 1.41million tonnes at the same time of the month.Exports in October stood at 898,918 tonnes compared with 652,020 tonnes inSeptember and 1.0 million tonnes in October 2000, MPOB said.Earlier, influential private forecaster Ivan Wong had estimated Octoberoutput to reach 1.16 million tonnes, up 5.3 percent from September.In physical crude palm oil, the November contract for the southern andcentral region was bid/asked at 1,110/1,120 ringgit a tonne. There weredeals at 1,110 to 1,115 ringgit for south and at 1,100 to 1,110 forcentral.Among refined products, November RBD palm oil was offered at $315 a tonne,December at $322.50, January at $330 and January/February/March at $335.November RBD olein saw offers for $325, December at $332.50, January at$337.50 and January/February/March at $342.50.November/December RBD palm stearin was offered at $262.50 and January at$265. December palm fatty acid distillate was offered at $250.