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.