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.