Malaysian palm oil up

Malaysian crude palm oil futures ended up on Friday after rival soyaoil rebounded in Chicago overnight following a sell-off the previous day.
But trade was light as dealers awaited a slew of data due next week.
Cargo surveyors release their estimates on palm oil exports for January 1-10 on Monday, while the Malaysian Palm Oil Board (MPOB) issues official figures for December trade and crop performance.
Private forecaster Ivan Wong will also be making his final estimates on production, exports and closing stocks of palm oil for December.
Wong shocked the market this week by saying that stocks jumped 25 percent at the end of last month, against a 10 percent drop expected by dealers.
The forecaster usually releases his final estimates for each month a day before MPOB's official numbers on the same. But this time, his December data will come just before MPOB's report at 12.30 pm (0430 GMT) on Monday.
On Tuesday, the US Department of Agriculture (USDA) issues its final report on the United States soyabean crop for 2003/04.
The report will give an idea of how much soyaoil, including that of South American origin, could be produced in coming months to compete with palm oil.
"It's a lot of data to digest in two days but the market needs it to decide whether the current price is sustainable," said a dealer on the Malaysia Derivatives Exchange (MDEX), where palm oil futures are traded.
MDEX's benchmark third-month palm oil, March, closed on Friday at 1,740 ringgit, up 20 ringgit, after a rise overnight in soyaoil futures on the Chicago Board of Trade (CBOT).
Spot palm oil for January rose 17 ringgit while February, April, May, June and July climbed 10 to 26 ringgits.
Volume was average at 3,500 lots. Despite a rise of 0.40-0.61 cent a lb in Chicago soyaoil overnight, players were cautious in taking positions ahead of a data-heavy week.
"As it is, the fundamentals do not support a price of 1,800 or beyond but a 1,600 level is very likely," said the MDEX dealer.
In cash dealing of crude palm oil (CPO), January shipment saw bids/offers closing at 1,770/1,775 ringgit a tonne in the southern region, against on Thursday's 1,755/1,770.
In the central region, January CPO was bid/offered at 1,765/1,775 ringgit. Trades were reported at 1,770 ringgit in the south and at 1,770-1,775 in the central region.
February CPO saw bids/offers at 1,760/1,70 ringgit a tonne, against on Thursday's closing quotes of 1,745/1,765.
Trades were heard at 1,760 in the morning.
PALM OIL FUTURES:
January (south): 1775.
Open/High/Low: 1736/1746/1732.
Previous closes: 1770.
PALM OIL PHYSICALS: March (3rd month): 1740.
Previous settlement: 1720.
PALM OIL FUTURES: Third-month March up 20 ringgit to 1,740 ringgit ($458) a tonne after a sell-off in soyaoil.
PHYSICALS: Up slightly.