Malaysian palm oil prices rebound

Lead: Kuala Lumpur, Reuters, 28 February Malaysian crude palm oil futures rebounded from a low price on Wednesday, with stable closing prices, supporting a large amount of short covering in the natural market The market is also waiting for the federal budget of India for the market year ending at the end of March Many traders believe that the world's largest import of edible oil may keep palm oil import tariffs unchanged, but may impose a domestic consumption tax on soybean oil to protect domestic farmers "The lowest price in the market reached 1163 ringgit / ton, but then the price rebounded due to a large number of short covering by natural market makers," said one trader "The market is still focused on some of India's proposals, but I think China is still the main factor," he added That's why the natural market is more active today " The benchmark contract closed up 4 ringgit at 1181 ringgit (US $310.79) / ton in May, with a maximum transaction price of 1183 ringgit / ton The volume was 1917 Traders say China may license palm oil buyers in the first week of March China has announced a long-awaited quota of 2.4 million tons of palm oil imports in 2002, up from 1.4 million tons last year They said the market was less concerned about India's rejection of Indonesia's request to cut crude palm oil tariffs, saying the situation was expected Last year, India's budget plan raised the tariff on crude edible oil from 33% - 55% to 75% The tariff on refined edible oil was raised from 45% - 65% to 85% Traders claim that the market is not very concerned about the export data that SGS and its will release On the contrary, the market will focus on the good export prospects in March, as China will make purchases In the natural market, in March, the offer price in the southern region was 1155 ringgit / ton, and the offer price was 1150 ringgit / ton It was reported that the transaction price in the southern region was 1145-1155 ringgit / ton, and that in the central region was 1145-1150 ringgit / ton In the southern region, the offer price in April is 1175 ringgit / ton, the offer price is 1167.50 ringgit / ton, and the transaction price is 1170 ringgit / ton In April, the offer price in the central region was rm1175 / T, the offer price was rm1170 / T, and the transaction price was rm1170-1175 / T.