close mostly higher yesterday prompted by stronger crude oil prices.
Dealers
said the market was technically oversold ahead of the release of a
prospective planting report on today by the US Department of
Agriculture.
The market was also awaiting March’s palm oil export
data to be released by cargo surveyors Intertek Testing Services and
Societe Generale de Surveillance for fresh directions.
“The market went down over the last few days, so it is bouncing back to
support levels – around RM2,500,” a trader with foreign brokerage in
Kuala Lumpur said.
Stronger crude capped losses in some
vegetable oil markets.
April 2010 added RM2 to RM2,591 per tonne,
May 2010 declined RM11 to RM2,542 a tonne, June 2010 rose RM25 to
RM2,545 and July 2010 increased RM5 to RM2,515 per tonne.
Overall,
volume increased to 19,557 lots, from 15,623 lots on Monday, while
open interest declined to 77,840 contracts from 79,209 contracts
previously.
On the physical market, April South added RM10 to
RM2,600 a tonne.
Source : Business Times
