KL palm oil ends lower after choppy session

KL palm oil ends lower after choppy session

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower after a choppy session on Wednesday as technical buying alternated with liquidation, traders said.

They said worries about growing stocks and intense export competition with Indonesia capped the market's upside.

The benchmark third-month January futures KPOF1] ended down four ringgit at 822 ringgit (US$216.32) a ton after trading between 809 and 836 ringgit.

Traders expect good support at 800 ringgit.

Physical prices rose on trade covering.

Oct (south) crude palm oil was offered at 755 ringgit a ton against bids of 750, and trade was done at 740 to 755.

Nov (south) saw offers at 775 and bids at 770. Trade was done at 760 to 775.

Among refined products, Oct/Nov RBD palm oil was offered at $222.50 a ton FOB and Dec at $227.50.

There were offers for Oct/Nov RBD palm olein at $245 and Dec at $250.

Oct/Nov RBD palm stearin was offered at $155 and Oct/Nov palm fatty acid distillate at $130.