KL palmoil ends lower on liquidation

KL palmoil ends lower on liquidation

KUALA LUMPUR (Reuters): Malaysia's palm oil futures ended sharply lower on Wednesday after players liquidated their positions due to the absence of fresh leads.

The benchmark third-month October contract ended down 52 ringgit at 1,211 ringgit (US$318.68) a ton after trading as high as 1,254 ringgit. Volume was heavy at 3,034 lots.

"Our market is going back to the supply and demand factor again. I don't see fresh leads and I think prices are still a little bit too high for buyers," said a trader in Kuala Lumpur.

Cargo surveyor Societe Generale de Surveillance Malaysia (SGS) said on Wednesday August 1-15 palm oil exports rose to 455,757 tons from 411,292 tons in the same period in July.

SGS said it estimated the exports included 114,475 tons of RBD palm oil, 161,073 tons of RBD palm olein, 28,593 tons of RBD palm stearin and 69,299 tons of crude palm oil.

Physical August crude palm oil for the southern and central region was offered at 1,230 ringgit a ton against bids at 1,220. Deals were done at 1,240 to 1,250 for both sides.

Among refined products, August/September RBD palm oil was offered at $337.50 a ton and October/November/December at $340.00.

Offers for August/September RBD olein were made at $355.00 and October/November/December at $357.00.

August/September RBD palm stearin was offered at $295.00 and September palm fatty acid distillate was offered at $222.50.