Malaysian palm oil futures fall<\/p>\n
KUALA LUMPUR (Reuters): Falls in Chicago Board of Trade (CBOT)
\nProject A screen trading wiped out earlier gains by Malaysian
\npalm oil futures on Monday while August 1-10 export figures
\nfailed to remove worries about rising stocks in the coming
\nmonths, traders said.<\/p>\n
The benchmark third-month November futures contract ended down
\nfive ringgit at 987 ringgit (US$259.73) ton after trading as high
\nas 1,004 ringgit on Friday's rises in Chicago.<\/p>\n
Volume indicated heavy liquidation.<\/p>\n
\"Exports may have risen, but the amount is very small,\" said
\none trader in Kuala Lumpur.<\/p>\n
\"Immediate support should stand at 980 ringgit tomorrow
\nbecause I am sure the market will break the 985 level. I see
\nresistance at 1,000 ringgit,\" he added.<\/p>\n
SGS said Malaysian palm oil exports for the first 10 days of
\nSeptember were at 231,270 tons against 158,054 tons in the same
\nperiod in August.<\/p>\n
Earlier, cargo surveyor ITS estimated Malaysia's palm oil
\nexports for the first 10 days of September at 211,214 tons
\nagainst 125,389 tons for the same period in August.<\/p>\n
Traders said Malaysia's decision to allow seven firms to
\nexport 500,000 tons of CPO duty-free would not help boost prices
\ndue to prospects of rising output.<\/p>\n
They also consider the amount too small to counter a move by
\nIndonesia, the world's second largest palm oil producer after
\nMalaysia, to eventually cut the CPO export tax to zero.<\/p>\n
Indonesia's Trade and Industry Minister Luhut Pandjaitan said
\non Monday Finance Minister Prijadi Praptosuhardjo would sign a
\ndecree on Tuesday cutting export taxes on crude palm oil to 5
\npercent from 10 percent.<\/p>\n
Pandjaitan said he would seek to have the CPO export tax
\neventually cut to zero.<\/p>\n
Malaysia's Primary Industries Minister Lim Keng Yaik was
\nquoted by the national Bernama news agency as saying on Sunday
\nthe government had selected seven companies to be allowed to
\nexport CPO tax free.<\/p>\n
Bernama quoted Lim as saying the Finance Ministry agreed to an
\ninitial export of 500,000 tons of crude palm oil duty-free to
\nIndia and Europe over the next six months. The agency did not say
\nhow much each company could export per month.<\/p>\n
Sept (south) crude palm oil was offered at 955 ringgit a ton
\nagainst bids of 950. Trade was reported at 955. Sept (central)
\ntraded at 950 to 955.<\/p>\n
Oct (south) crude palm oil was offered at 980 ringgit a ton
\nagainst bids of 977, and trade was reported at 980. Oct (central)
\nwas offered at 980 ringgit against bids of 975. Trade was
\nreported at 975 to 980 ringgit.<\/p>\n
Among refined products, Sept RBD palm oil was offered at $270
\na tonne FOB, Oct at $272.50 and Nov\/Dec at $280.<\/p>\n
There were offers for Sept RBD palm olein at $290, Oct at
\n$292.50 and Nov\/Dec at $300.<\/p>\n
Sept RBD palm stearin was offered at $205 and Oct at 207.50.
\nSept\/Oct palm fatty acid distillate was offered at $175.<\/p>",
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