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Malaysian crude palm oil futures closed mixed on Monday as profit-taking pulled the market down after a good export performance and firm crude oil prices lifted it in the morning session.
Exports of Malaysian palm products for October 1-15 rose 30 percent to 708,014 tonnes from 544,652 shipped from September 1 to 15, cargo surveyor Intertek Testing Services said. Another cargo surveyor, Societe General de Surveillance, which is closely watched by the industry, said exports jumped 26 percent to 696,108 tonnes. "There was selling in the afternoon session to book profits," said one dealer. "Exports are very good. We did not expect such good numbers."
The benchmark third-month January contract on the Bursa Malaysia Derivatives market ended down 1 ringgit at 1,590 ringgit a tonne ($432) after trading in a range of 1,586 to 1,600 ringgit.
Other traded contracts finished either marginally up or down. Overall volume stood at 11,266 lots of 25 tonnes each. Oil rose to $59 a barrel on Monday as Opec's decision to hold an emergency meeting in Qatar later this week raised expectations the cartel would finally agree how to implement a production cut.
US light crude for November delivery rose 31 cents a barrel to $58.88 by 1033 GMT.
Palm oil often tracks crude oil prices, driven by rapid growth in the global biofuel industry based on vegetable oils, which are seen as a cheaper option to fossil fuels.
Traders say buying is likely to slow down in the second half of October, with India's winter oilseed harvest kicking in. Demand from Pakistan and the Gulf region is also expected to taper off when the holy fasting month of Ramadan ends this month. In the physical crude palm oil market, October shipment was quoted at 1,530/1,535 ringgit a tonne. Trades were done between 1,510 and 1,535 ringgit a tonne.

Copyright Reuters, 2006

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