KL palm oil ends at 2-month low on export data<\/p>\n
KUALA LUMPUR (Reuters): Malaysian palm oil futures extended
\nlast week's losses, closing at the lowest levels in two months as
\nplayers liquidated positions following bearish exports data,
\ntraders said.<\/p>\n
Cargo surveyor Societe Generale de Surveillance Malaysia Sdn
\nBhd (SGS) said Malaysian palm oil exports in the first 10 days of
\nDecember were at 259,124 tons compared with 281,819 in the same
\nperiod in November.<\/p>\n
Earlier, another cargo surveyor Intertech Testing Services
\n(ITS) estimated Malaysia's palm oil exports for December 1-10
\nfell to 239,568 tons against the firm's estimate of 310,445
\ntons for November 1-10.<\/p>\n
Traders said lingering fears over high stocks at the end of
\nthe year also dragged prices below the 800 ringgit a ton support
\nlevel for the first time since October 13.<\/p>\n
The benchmark third-month February futures contract ended down
\n25 ringgit at 795 ringgit ($209.21) a ton. Traders pegged next
\nsupport at 780 ringgit.<\/p>\n
\"We had expected the export figures to be bearish as demand
\nhas been slow. The market is likely to remain weak as stocks are
\nalso high,\" said one trader in Kuala Lumpur.<\/p>\n
Traders said the export data confirmed last week's estimates
\nby private forecaster Ivan Wong that stocks at the end of
\nDecember would be high.<\/p>\n
Wong estimated end-November Malaysian palm oil stocks at a
\nrecord high of 1.56 million tons, up from 1.41 million at end-
\nOctober. He projected end-December stocks at 1.48-1.49 million
\ntons.<\/p>\n
Physical December (south) crude palm oil was offered at 735
\nringgit a ton against bids at 730, and trade was reported at 740
\nto 730.<\/p>\n
December (central) crude palm oil was offered at 745 ringgit
\nagainst bids of 735, and trade was done at 750 to 740.<\/p>\n
Among refined products, December RBD palm oil was offered at
\n$210 a ton FOB and January at $212.50.<\/p>\n
There were offers for December RBD palm olein at $217.50 and
\nJanuary at $222.50.<\/p>\n
December RBD palm stearin was offered at $205 and December
\npalm fatty acid distillate at $165.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-ends-at-2-month-low-on-export-data-1447893297",
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