KL palm oil lower on supply worries

KL palm oil lower on supply worries

KUALA LUMPUR (Reuters): Malaysian palm oil futures surrendered earlier gains to close lower on Tuesday as worries over growing output and falling physical prices prompted renewed selling interest.

Better export data for the first 10 days of October had lifted prices earlier.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd said on Tuesday Malaysian palm oil exports for Oct. 1-10 were at 297,931 tons against 231,270 tons for the same period in September.

The benchmark third-month December futures contract ended down two ringgit at 822 ringgit ($216.32) a ton after trading as high as 832.

Oct (south) crude palm oil was offered at 760 ringgit a ton against bids of 750, and trade was done at 775 to 752.50 ringgit.

Among refined products, Oct RBD palm oil was offered at $227.50 a ton FOB, Nov at $230 and Dec at $235.

There were offers for Oct RBD palm olein at $250, Nov at $252.50 and Dec at $257.50.

Oct RBD palm stearin was offered at $152.50 and Oct palm fatty acid distillate was offered at $130.