Malaysia palm oil closes lower on CBOT losses

Malaysia palm oil closes lower on CBOT losses

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed
lower on Friday as renewed selling, prompted by tumbling soy
products on the Chicago Board of Trade (CBOT), wiped out gains
made the previous day.

The benchmark third position November futures contract ended
down 10 ringgit at 998 ringgit (US$262.63) a ton, closing at
below the 1,000 ringgit support level for the first time since
July 5.

Volume increased to 2,131 lots against 524 lots on Thursday.

CBOT soy products futures ended lower on Thursday as soybeans
gave up early gains, with lackluster exports weighing down
soyoil.

Soymeal settled $1.00 to $2.70 per ton lower, with September
off $1.00 at $155.40. Soyoil was 0.04 to 0.26 cent per lb lower,
with September off 0.22 at 15.33 cents.

Physical Aug (south) crude palm oil was offered at 960 ringgit
a ton against bids of 950. It traded from 960 to 950.

Sep (south) was offered at 975 ringgit against bids of 970.
Trade was reported at 977.50 and 975.

Among refined products, Aug RBD palm oil was offered at
$267.50 a ton FOB, Sep at $270 and Oct at $277.50.

There were offers for Aug RBD palm olein at $287.50, Sep at
$290 and Oct at $297.50.

Aug/Sep RBD palm stearin was offered at $222.50 and Aug/Sep
palm fatty acid distillate at $185.