KL palm oil prices mostly down

KL palm oil prices mostly down

KUALA LUMPUR (Reuters): Malaysian palm oil prices ended the
week lower, continuing their downward trend on weak sentiment
despite some earlier firmness.

Traders said underlying poor fundamentals continued to dampen
market sentiment.

"There were some recoveries earlier but prices fell back
towards the close as local fundamentals are not encouraging,"
said a trader.

He said trade was cautious as players preferred not to commit
themselves ahead of the weekend. "The October crop data released
by Ivan yesterday was bearish and judging from there, we are
certain that the downward trend is intact," the trader said.

Private crop forecaster Ivan Wong said on Thursday that
Malaysia's palm oil production was estimated to be 1.01 million
tons in October against September's 1.04 million tons.

But he projected end-October stocks at 1.34 million tons
compared with 1.21 million tons at end-September.

The third month January futures contract ended six ringgit
down at 1,185 ringgit (US$311.84) a ton. Traders pegged immediate
support level at 1,180 ringgit.

Traders said the market was also watching movements of the
Indonesian rupiah currency following the country's presidential
elections.

Lack of products demand also affected activity in the physical
sector, traders said.

Oct (south) crude palm oil was offered at 1,210 ringgit
against bids of 1,205.

Among refined products, Nov and Dec RBD palm oil were offered
at $337.50 a ton FOB, and Jan/Feb/Mar at $342.50.

Nov and Dec RBD palm olein saw offers at $365, and Jan/Feb/Mar
at $370.

Nov RBD palm stearin was offered at $275 and Dec at $280, and
Nov palm fatty acid distillate at $215.