{
    "success": true,
    "data": {
        "id": 1089406,
        "msgid": "kl-palm-oil-closes-lower-in-tight-range-1447893297",
        "date": "2001-02-10 00:00:00",
        "title": "KL palm oil closes lower in tight range",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "KL palm oil closes lower in tight range KUALA LUMPUR (Reuters): Malaysian palm oil futures ended lower on Friday but were off the day's lows, helped by short covering interest, traders said. Prices were trapped in a tight range as the market looked for a clear direction. Traders said a sharp drop in soyoil futures on the Chicago Board of Trade overnight and high stocks in Malaysia weighed on prices.",
        "content": "<p>KL palm oil closes lower in tight range<\/p>\n<p>KUALA LUMPUR (Reuters): Malaysian palm oil futures ended lower<br>\non Friday but were off the day's lows, helped by short covering<br>\ninterest, traders said.<\/p>\n<p>Prices were trapped in a tight range as the market looked for<br>\na clear direction.<\/p>\n<p>Traders said a sharp drop in soyoil futures on the Chicago<br>\nBoard of Trade overnight and high stocks in Malaysia weighed on<br>\nprices.<\/p>\n<p>The benchmark third-month April futures contract closed six<br>\nringgit lower at 743 ringgit ($195.53) a tonne after trading in a<br>\nnine-ringgit range. For the week, it was down 37 ringgit.<\/p>\n<p>The market is now awaiting fresh export data for the first 10<br>\ndays of February to be released on Monday.<\/p>\n<p>Physical February (south) crude palm oil was offered at 695<br>\nringgit a tonne against bids of 690.<\/p>\n<p>March (south) saw offers at 725 ringgit and bids of 720.<\/p>\n<p>Among refined products, February RBD palm oil was offered at<br>\n$197.50 a tonne FOB and March at $202.50.<\/p>\n<p>There were offers for February RBD olein at $205 and March at<br>\n$210. February RBD palm stearin was offered at $182.50 and<br>\nFebruary palm fatty acid distillate at $180.<\/p>\n<p>News that Indonesia will cut its export taxes on crude palm<br>\noil and by-products had no impact on the market.<\/p>\n<p>Indonesia, the world's largest palm oil producer after<br>\nMalaysia, said it will cut export taxes on crude palm oil (CPO)<br>\nto three percent from five percent with effect from March 1.<\/p>\n<p>The Indonesian finance ministry said in a decree Reuters<br>\nobtained on Friday that export taxes on crude olein, refined,<br>\nbleached and deodorized (RBD) palm oil and RBD palm olein would<br>\nalso be cut to one percent from two percent.<\/p>\n<p>Traders said the move, widely expected by the market, was<br>\nunlikely to hurt Malaysian palm oil prices.<\/p>\n<p>\"It has been discounted by the market as everybody was<br>\nexpecting this. In value terms, the cut is very minimal,\" said<br>\none trader in Kuala Lumpur.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-closes-lower-in-tight-range-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}