Malaysian palm oil futures up

Malaysian crude palm oil (CPO) futures ended higher on Wednesday on return of technical support after two straight days of selling and news of an Egyptian tender.
But players were still looking for leads and fundamentals were expected to remain vague until the release of export estimates for March 1-20, traders said.
The Malaysia Derivatives Exchange's (MDEX) benchmark third-month CPO contract, June, closed at 1,888 ringgit ($496.84) a tonne, up 23 ringgit.
Volume stood at 7,184 lots, virtually unchanged from Tuesday's close of 7,179 lots.
Traders pegged support for the third-month at 1,860 ringgit and resistance at 1,900 ringgit.
A fresh drop in Chicago soyoil, which often determines direction for palm oil, was ignored after two days of liquidation and speculative selling.
"People are trying to trade on palm's own fundamentals, but the problem is there's not much of a lead to do that now," said a dealer on the MDEX.
News of an Eyptian tender helped boost activity in late hours after technical support in the morning.
Egypt's state Holding Company for Food Industries (HFCI) said it was seeking 10,000 to 15,000 tonnes of Malaysian or Indonesian palm oil for second half April and/or first half May.
An HCFI official told Reuters the company was also seeking 5,000 to 7,500 tonnes of Malaysian or Indonesian palm stear in, which is used to make soap, for arrival in second half April.
Bids were due by noon (1000 GMT) on Tuesday, March 23 with prices quoted C&F for arrival in the Mediterranean port of Alexandria.
"Tenders like this are encouraging but the market needs more forward-throwing leads," said the MDEX dealer.
In physical trading of CPO, the March contract saw bids/offers at 1,985/2,000 ringgit a tonne in the southern region, against Tuesday's close of 1,960/1,970.
In the central region, the cash contract for March saw bids at 1,980 ringgit and offers at 2,000.
Trade for March was reported at 1,985-1,995 ringgit a tonne in the south and 1,980-1,995 in the central zone.
Physical CPO for April saw bids/offers at 1,965/1,990 ringgit a tonne in the south and 1,965/1,985 in the central region.
Trade was only reported in the south at 1,965 ringgit a tonne.
PALM OIL FUTURES:
March (south): 2000.
Open/High/Low: 1870/1897/1866.
Previous close: 1970.
PALM OIL PHYSICALS:
June (3rd month): 1888.
Previous settlement: 1865.
FUTURES: Benchmark third-month June up 23 ringgit at 1,888 ringgit ($496.84) a tonne.
PHYSICALS: Also up, following futures.