Malaysian palm oil futures touched the highest level since the end of June on Friday, boosted by technical buying and higher prices for comparative oils ahead of industry data from No 2 producer Malaysia next week. The benchmark September crude palm oil contract on the Bursa Malaysia Derivatives traded 1.3 percent higher at 3,095 ringgit ($1,028) a tonne. Earlier, prices touched a high at 3,110 ringgit.
Traded volume for the September contract was 6,985 lots of 25 tonnes each, versus 10,052 lots on Thursday. "There is some technical inspired buying," said one Malaysia-based trader, citing a jump in crude oil prices on Thursday. "The upside closing price reversal seen yesterday (for crude oil) coupled with overnight CBOT close are somewhat bullish."
Brent oil eased on Friday after jumping on Thursday by the biggest percentage in two months, hitting a three-week high as US data on jobless claims and retail sales came in stronger than expected. Soybeans were steady on Friday after closing higher in the last session, supported by dry weather hurting the US crop, while wheat edged up, tracking gains in corn futures.
In other vegetable oils, the most active January 2012 soyoil contract on China's Dalian commodity hit a nearly three-week high. Benchmark palm oil prices are on track for a gain of about 1.9 percent this week as traders largely positioned themselves ahead of the eagerly anticipated trade data next week.
Industry regulator the Malaysian Palm Oil Board is due to issue official data on palm oil output, stocks, imports and exports on Monday. Malaysian palm oil stocks are likely to have risen 11.3 percent to near record levels in June as strong production and imports outpaced local and overseas demand, a Reuters poll showed on Tuesday. ICDX's September CPO futures contract was at 8,995 rupiah per kg, compared to 9,010 rupiah per kg when it opened. Market volume was 946 lots of 10 tonnes each.
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