Malaysian crude palm oil (CPO) futures ended higher in thin trade as players deferred action until on Wednesday's release of export estimates for March.
On Thursday's much-awaited US Department of Agriculture (USDA) crop report, which will outline the fundamentals for palm's key rival, soya, also kept the market on tenterhooks, dealers said.
Societe Generale de Surveillance, the main cargo surveyor for Malaysian palm oil exports, said last week exports for March 1-25 stood at 837,488 tonnes, up 6.2 percent from 788,606 tonnes shipped in February 1-25.
Dealers said SGS and Intertek Testing Services (ITS), another cargo surveyor, were expected to declare between 970,000 and 1.0 million tonnes for the whole of March.
That would surpass the Malaysian Palm Oil Board's official tally of 912,670 tonnes for January and 890,506 tonnes for February.
"It generally means fantastic exports but I guess people want to see the numbers before committing," said a CPO trader, explaining the thin participation.
The Malaysia Derivatives Exchange's benchmark third-month CPO contract, June, closed seven ringgit up at 1,957 ringgit ($515) a tonne after hitting a high of 1,960.
In physical CPO trades on Tuesday, the April contract saw bids/offers at 2,010/2,020 ringgit a tonne in the southern region, up from Monday's close of 2,000/2,010 ringgit.
In the central region, the cash contract for April saw bids at 2,000 ringgit a tonne and offers at 2,010 ringgit. Trade was reported at 2,005-2,010 ringgit a tonne in the south and at 2,000-2,007.50 ringgit in the central zone.
The physical contract for may saw bids/offers at 1,995/2,015 ringgit a tonne in the south and 1,990/2,015 ringgit in the central zone. Trade was reported at 1,995 ringgit in the south.
PALM OIL FUTURES:
March (south): 2020
Open/High/Low: 1955/1960/1943
Previous closes: 2010
PALM OIL PHYSICALS:
June (3rd month): 1957
Previous settlement: 1950
FUTURES: Benchmark third-month June up seven ringgit to 1,957 ringgit ($515) a tonne.
PHYSICALS: Also up.
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