KL palm oil subdued, holiday lull persists

KL palm oil subdued, holiday lull persists

KUALA LUMPUR (Reuters): Malaysia's palm oil ended mostly lower in thin trading by the close on Friday due to a lack of activity after the Lunar New Year holiday break this week, traders said.

The benchmark third-month April futures contract ended down five ringgit at 805 ringgit ($211.84) a ton. Volume was 300 lots.

The market was closed on January 23 through 25.

"People have yet to return from their homeland. There's not much activity in the market," said one trader in Kuala Lumpur.

Traders said the poor export figures for the first 25 days of January put more pressure on the market.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said Malaysian palm oil exports in the first 25 days of January were at 627,662 tons against 766,891 tons the same time in December.

SGS said it estimated the exports from the shipments of 158,585 tons of RBD palm oil, 209,910 tons of RBD palm olein and 51,260 tons of RBD palm stearin which it tracked during the period.

Other palm oil products accounted for 207,907 tons to make up the balance of the export figure, it said.

India was the biggest buyer of Malaysian palm oil in January 1-25, taking 136,047 tons, followed by Pakistan, which bought 126,270 tons, SGS said.

European countries bought 119,080 tons, it said.

Physical February (south) crude palm oil was offered at 745 ringgit a ton against bids of 735 and trade was done at 735. February (central) crude palm oil saw offers at 745 against bids of 740 and no trade was done.

Traders gave no prices for refined products such as RBD palm oil, RBD olein, RBD palm stearin and palm fatty acid distilate.