{
    "success": true,
    "data": {
        "id": 1092370,
        "msgid": "malaysia-palm-oil-futures-end-lower-as-covering-dies-down-1447893297",
        "date": "2001-03-03 00:00:00",
        "title": "Malaysia palm oil futures end lower as covering dies down",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Malaysia palm oil futures end lower as covering dies down KUALA LUMPUR (Reuters): Malaysian palm oil futures ended lower on Friday after short covering eased and the government denied it was intervening to support prices. Traders, however, expected a rally between next Monday and Wednesday as a top-level industry conference kicks off.",
        "content": "<p>Malaysia palm oil futures end lower as covering dies down<\/p>\n<p>KUALA LUMPUR (Reuters): Malaysian palm oil futures ended lower<br>\non Friday after short covering eased and the government denied it<br>\nwas intervening to support prices.<\/p>\n<p>Traders, however, expected a rally between next Monday and<br>\nWednesday as a top-level industry conference kicks off.<\/p>\n<p>The Commodity and Monetary Exchange of Malaysia (COMMEX),<br>\nwhich trades palm oil futures, is organizing a price outlook<br>\nconference in Kuala Lumpur from March 7 to 9 and traders expected<br>\nsupport to emerge then.<\/p>\n<p>\"Whether it is with the government's support or not, we see<br>\nthe market picking up again and running then,\" said a trader.<\/p>\n<p>The Primary Industries Ministry, which regulates all commodity<br>\nbusinesses in Malaysia, denied market talk on Friday that it had<br>\nset a minimum price support level of 725 ringgit a ton ($190.78)<br>\nfor crude palm oil.<\/p>\n<p>The denial came after speculation that federal crop agency<br>\nFelda was intervening to prop up prices, which fell only slightly<br>\nthis week despite a huge rise in import taxes by India, the<br>\nbiggest buyer of palm oil.<\/p>\n<p>The Primary Industries Ministry also said it could not confirm<br>\nmarket talk that the government would ask major crude palm oil<br>\nproducers to set aside five percent of their annual output to run<br>\npower plants.<\/p>\n<p>The ministry said recently that palm oil could be used to<br>\npower energy plants.<\/p>\n<p>At the close, the benchmark third-month May [KPOK1] futures<br>\nposition was down 11 ringgit at 765 ringgit ($201.32) a ton after<br>\ntrading as high as 786.<\/p>\n<p>Physical March (south) crude palm oil was offered at 735<br>\nringgit a ton against bids at 730. It was traded at 745 to 735.<\/p>\n<p>March (central) was offered at 740 ringgit against bids at<br>\n735. It was traded at 745 and 740.<\/p>\n<p>Among refined products, March RBD palm oil was offered at<br>\n$212.50 a ton FOB and April at $217.50.<\/p>\n<p>There were offers for March RBD olein at $220 and April at<br>\n$225.<\/p>\n<p>March RBD palm stearin was offered at $187.50 and March palm<br>\nfatty acid distillate at $165.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/malaysia-palm-oil-futures-end-lower-as-covering-dies-down-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}