KL palm oil off highs

KL palm oil off highs

KUALA LUMPUR (Reuters): Malaysian palm oil futures ceded
earlier gains but managed to stay in positive territory despite
the absence of fresh factors and worries that Chicago's uptrend
would not last long, traders said on Tuesday.

The third-month October contract rose 14 ringgit to 1,156
ringgit ($304.21) a ton after trading as high as 1,180 ringgit.
Volume was 1,562 lots.

Influential private forecaster Ivan Wong said end-July stocks
were seen at 940,000-950,000 tons, down from 1.03 million at the
end of June. Exports in July were estimated at 880,000-885,000
tons against 969,779 in June.

In the physical market, August crude palm oil (CPO) for the
southern region was offered at 1,165 ringgit a ton against bids
of 1,155 ringgit. Deals were reported at 1,160 ringgit to 1,165.

August (CPO) for the central region saw offers at 1,165
ringgit against bids of 1,150. No deals were reported.

Among refined products, August/September RBD palm oil was
offered at $327.50 a ton and October/November/December at $330.

There were offers for August/September RBD olein at $350 and
October/November/December at $352.50. August/September RBD palm
stearin was offered at $240 and October/November/December at
$245.