Malaysia palm oil closes lower, tracks soyoil

Malaysia palm oil closes lower, tracks soyoil

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower on Thursday with prices staying depressed following overnight losses in Chicago soyoil futures.

The benchmark third position October futures contract ended down seven ringgit at 1,048 ringgit (US$275.79) a ton after trading in a tight nine-ringgit range.

Traders pegged immediate support at 1,040 ringgit and resistance at 1,070.

Overall volume stood at 980 lots against 749 on Wednesday.

Physical prices were also lower, but little activity was reported due to a lack of fresh leads.

Aug (south) crude palm oil was offered at 1,050 ringgit a ton against bids of 1,045. It traded between 1,045 and 1,050.

Among refined products, Aug RBD palm oil was offered at $292.50 a tonne FOB, Sep at $295 and Oct/Nov/Dec at $307.50.

There were offers for Aug RBD palm olein at $312.50, with Sep at $315 and Oct/Nov/Dec at $327.50.

Aug/Sep RBD palm stearin was offered at $235 and Aug/Sep palm fatty acid distillate at $192.50.