KL palm oil down on week demand

KL palm oil down on week demand

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower on Friday, extending their downtrend after private forecaster Ivan Wong issued data showing a further build-up in stocks.

"The figures were not really unexpected, but given the current bearish sentiment, players will not hesitate to sell," said one trader.

The benchmark third-month December futures contract ended down 11 ringgit at 824 ringgit ($216.84) a ton after trading as low as 821. For the week, it was down 77 ringgit.

Traders said growing stocks and a slowdown in demand from major buyers would keep the market under pressure. They pegged immediate support at 820 ringgit.

Physical Oct (south) crude palm oil was offered at 780 ringgit a tonne against bids of 775, and trade was done at 775.

Among refined products, Oct RBD palm oil was offered at $227.50 a tonne FOB, Nov at $230 and Dec at $235.

There were offers for Oct RBD palm olein at $250, Nov at $252.50 and Dec at $257.50.

Oct RBD palm stearin was offered at $160 and Oct palm fatty acid distillate was offered at $135.