KL palm oil extends losses on liquidation

KL palm oil extends losses on liquidation

KUALA LUMPUR (Reuters): Malaysian palm oil futures again
surrendered early gains to close lower on Tuesday as players
liquidated long positions amid worries over falling sales to top
buyer India.

Overnight gains in Chicago soyoil futures had supported early
prices.

The benchmark November futures contract ended down 23 ringgit
at 1,073 ringgit (US$282.37) a ton after trading as high as 1,112
ringgit in the morning.

Overall volume increased to 3,317 lots against 2,715 lots on
Monday.

Chicago Board of Trade (CBOT) soyoil futures ended up 0.12 to
0.35 cent per lb on Monday, with September up 0.12 cent at 17.44
and October up 0.14 cent at 17.59.

Export figures released by cargo surveyor Societe Generale de
Surveillance Malaysia on Monday showed palm oil shipments to
India in the first 25 days of August totaled 118,086 tons, down
from 170,886 in July 1-25.

The physical market lost further ground due to a lack of
demand for refined products.

August/September crude palm oil for south and central regions
was offered at 1,090 ringgit a ton against bids at 1,080. Trades
were done at 1,115 to 1,090 ringgit for central and 1,105 to
1,080 for south.

Among refined products, September RBD palm oil was offered at
$300 a ton and October/November/December at $302.50.

Offers for September RBD olein were at $315 and
October/November/December at $317.50.

September RBD palm stearin was offered at $255 a ton and
September palm fatty acid distillate was offered at $205.