KL palm oil lower on profit-taking

KL palm oil lower on profit-taking

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower on Friday as players locked in profits ahead of the weekend, traders said.

Activity was light with prices trapped in a tight range ahead of the release of official December crop data and exports figures for the first 15 days of January on Monday.

Traders said losses in Chicago soyoil futures overnight weighed on prices.

The benchmark third-month March futures contract ended down 12 ringgit at 793 ringgit (US$208.68) a ton after trading in a eight-ringgit range.

"People are waiting for fresh leads as earlier factors have all been digested," said one trader who expects selling pressure at around the 800 ringgit level.

Physical January (south) crude palm oil was offered at 735 ringgit a ton against bids of 725. Trade was at 735 to 730.

February (south) was offered at 770 ringgit against bids of 760, and no trade was reported.

Among refined products, January RBD palm oil was offered at $210 a ton FOB and February at $217.50.

There were offers for January RBD olein at $217.50 and February at $225.

January RBD palm stearin was offered at $190, and January palm fatty acid distillate at $180.