KL palm oil closes lower

KL palm oil closes lower

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower, dragged down by a sharp drop in soybean futures on the Chicago Board of Trade (CBOT) Project A screen trading amid forecasts for more rain this week in the U.S. Midwest.

The benchmark third-position August contract ended down 22 ringgit at 1,044 ringgit ($274.74) a ton. Traders pegged immediate support at 1,040 ringgit.

The fall in CBOT Project A prices outweighed export numbers for June 1-10 released by cargo surveyor Intertech Testing Services (ITS).

Physical prices were quoted lower but saw little activity. Traders said ample supplies also weighed on prices.

Jun (south) crude palm oil was offered at 1,050 ringgit a ton against bids of 1,040.

Among refined products, Jun RBD palm oil was offered at $292.50 a ton FOB, Jul at $295 and Aug/Sept. at $302.50.

Jun RBD palm olein saw offers at $310, with Jul at $315 and Aug/Sept. at $317.50.

Jun and Jul RBD palm stearin were offered at $252.50, and Jun and Jul palm fatty acid distillate at $200.