Crop data spur selling in Malaysia palm oil

Crop data spur selling in Malaysia palm oil

KUALA LUMPUR (Reuters): Export figures dragged down Malaysian palm oil futures on Thursday, with traders seeing little prospect of stronger sentiment due to high stocks.

The benchmark third-month April [KPOJ1 futures contract shed 24 ringgit to 694 ringgit (US$182.63) a ton. Volume was 2,573 lots.

Physical February (south) crude palm oil was offered at 655 ringgit a tonne and no bids were seen. February (central) saw offers at 660 but no bids.

"MPOB figures are bearish and so are the export data. What happened in the market was pure liquidation," said one trader in Kuala Lumpur.

March (south) saw offers at 680 ringgit, bids at 672.50 and trade at 690 to 680. March (central) was offered at 680 ringgit against bids of 675 and deals at 685 to 680.

Among refined products, February RBD palm oil was offered at $192.50 a tonne FOB and March at $197.50.

There were offers for February RBD olein at $197.50 and March at $202.50.

February RBD palm stearin was offered at $170 and February palm fatty acid distillate at $165.