KL palm oil ends down despite higher exports

KL palm oil ends down despite higher exports

KUALA LUMPUR (Reuters): Malaysian palm oil futures surrendered early gains to close lower on Friday as players booked profits ahead of the weekend, traders said.

Higher export figures for the first 20 days of October helped lifted prices earlier although many players stayed on the sidelines amid continuing worries over growing stocks, they said.

Benchmark third-month January futures KPOF1] ended down six ringgit at 841 ringgit ($221.32) a ton after trading as high as 858 ringgit.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said on Friday Malaysian palm oil exports for October 1-20 were 659,332 tons against 478,088 for the same period in September.

"Actually, the figures are not surprising because people have expected the data to be better. That's why the market didn't rally," said one trader in Kuala Lumpur.

Oct (south) crude palm oil was offered at 795 ringgit a ton against bids of 785 and trade at 770 to 785.

Nov (south) was offered at 815 ringgit against bids of 810 and trades at 800 to 810.

Among refined products, Nov RBD palm oil was offered at $227.50 a ton FOB and Dec at $232.50.

There were offers for Nov RBD palm olein at $250 and Dec at $255.

Nov RBD palm stearin was offered at $165 and Nov palm fatty acid distillate at $130.