Malaysia palm oil prices up

Lead: Kuala Lumpur, March 5, Reuters Malaysian crude palm oil futures lost early gains on Monday as traders complained of insufficient Chinese buying amid volatile spot market conditions The benchmark may contract rose 7 ringgit to 1169 ringgit / ton (US $307.63 / ton) in the closing third month, with the highest transaction price of 1185 ringgit / ton Volume was moderate at 1209 hands Many traders claim that palm oil stocks at Paris Gudang, one of the most important ports in the Malay Peninsula, have been piling up as China, one of Malaysia's main buyers, is expected to make new purchases Traders say China will be a key factor in determining whether the futures market will rise to its highest level of 1315 ringgit / ton on August 8 last year But China's National Development Planning Commission on Monday said it did not issue quotas to trading companies for this year's agricultural products, and the March 5 deadline could be extended In February, the Commission said it would issue tariff import quotas for agricultural products to trading companies by March 5, including wheat, corn, rice, edible oil, cotton and sugar, with low tariffs Malaysian traders claim that Chinese traders will not import palm oil until they obtain a government safety license "If China continues to bring more bad news, spot market traders will have to sell their palm oil to the domestic market," said one trader "It's a very volatile situation and it doesn't feel good," he added China announced an import quota of 2.4 million tons of palm oil this year, up from 1.4 million tons last year A technical analyst predicted that the main resistance levels of the futures market were 1173 ringgit and 1190 ringgit The main support position is 1150 ringgit "The technical analysis market is still bullish," analysts said But it's hard to judge how long the market will last " In the palm oil spot market, in March, the offer price in the South and the middle was 1150 ringgit / ton, and the offer price was 1155 ringgit / ton It was reported that the transaction price in the South was 1155 ringgit / ton, and that in the middle was 1150-1155 ringgit / ton In April, the offer price of southern and central China was 1170 ringgit / ton, and the offer price was 1160 ringgit / ton No transaction was reported (author:) share to feed Weibo share to: