KL palm oil ends lower

KL palm oil ends lower

KUALA LUMPUR (Reuters): Malaysian palm oil failed to sustain early gains and closed lower in directionless trade on Wednesday as players ignored market-friendly export data for the first 20 days of June.

"The SGS figures were ignored by the market, and I am sure any fresh crop data will face a similar fate," a trader said.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said Malaysian palm oil exports stood at 644,724 tons in June 1-20 against 573,375 in the same period in May.

At the close on Wednesday, the new benchmark third-month September contract was down six ringgit at 815 ringgit ($214.47) a ton after trading as high as 833 ringgit.

Volume was 1,152 lots.

In the physical sector, June crude palm oil (CPO) for the southern and central regions was offered at 800 ringgit a ton against bids at 795. Trades were done at 805 for both sides.

Among refined products, July RBD palm oil was offered at $232.50 a ton FOB and August at $235.

There were offers for July RBD olein at $247.50 and August at $250. RBD palm stearin was offered at $185 and June palm fatty acid distillate at $150.