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.