KL palm oil ends lower on profit-taking

KL palm oil ends lower on profit-taking

KUALA LUMPUR (Reuters): Malaysian palm oil futures surrendered early gains and closed lower on Tuesday as players booked profits after prices failed to move up in the afternoon.

Traders said falls in Chicago Board of Trade (CBOT) soyoil futures in Alliance/CBOT/Eurex electronic trading on Tuesday weighed on palm oil prices.

"The market had gone up earlier in the day on CBOT gains overnight, so it has to follow the drop too," said one trader.

The benchmark third-month September contract ended down four ringgit at 869 ringgit (US$228.68) a ton after rising to a fresh three-month high of 884.

Overall volume was 2,577 lots, up from 2,108 on Monday.

Physical July crude palm oil for the southern and central regions was quoted at 860/865 ringgit a ton. Trade was reported at 870 to 865 ringgit for southern region.

Among refined products, July RBD palm oil was offered at $242.50 a ton and August at $245.

There were offers for July RBD olein at $262.50 and August at $265.

July RBD palm stearin was offered at $187.50 and July palm fatty acid distillate was offered at $155.