KL palm oil stable, cool on export data

KL palm oil stable, cool on export data

KUALA LUMPUR (Reuters): Malaysian palm oil futures were stable at the close on Monday as worries over high stocks countered positive June 1-25 export data, traders said.

The benchmark third-month September contract was up seven ringgit at 831 ringgit (US$218.68) a ton after trading as high as 838 ringgit. Volume was at 817 lots.

Private forecaster Ivan Wong has put his estimates for end- July stocks at 1.20 million-1.21 million tons and end-August at 1.24 million-1.25 million.

Cargo surveyor Societe Generale de Surveillance Malaysia (SGS) said Malaysian exports in the first 25 days of June rose to 802,784 tons from 698,092 in the same period in May.

In the physical sector, June crude palm oil (CPO) for the southern and central regions was offered at 820 ringgit a ton against bids at 815. Trades were done at 815 to 820.

July crude palm oil for the south and central regions saw offers at 825 ringgit against bids of 820. Trades were at 820 to 822.50 ringgit for both sides.

Among refined products, July RBD palm oil was offered at $235 a ton FOB and August at $237.50.

There were offers for July RBD olein at $252.50 and August at $255. July RBD palm stearin was offered at $187.50 and July palm fatty acid distillate was offered at $150. ($1 = 3.8 ringgit)