Malaysia palm oil ends mixed
Malaysia palm oil ends mixed
KUALA LUMPUR (Reuters): Malaysian palm oil futures were mostly quiet at the close on Thursday with market attention turning to the bad weather, which traders said could affect production in the next few weeks.
The benchmark third-month February futures contract ended down two ringgit at 849 ringgit (US$223.42) a ton after trading as low as 846
Market volume stood at 1,217 lots, compared with 1,287 at the close on Wednesday.
"The floods haven't affected plantation areas yet, but once it happens you will see a lot of covering. There were a lot of switches going on from December to January, which was a reason why the market volume expanded," said one trader in Kuala Lumpur.
Floods triggered by heavy monsoon rains have killed seven people and forced more than 4,500 to flee their homes, media reports said on Thursday.
A total of 2,500 people in five districts in Terengganu state in northeastern Peninsular Malaysia had been evacuated from their homes since heavy rains began on Monday, the national Bernama news agency said.
In the neighboring state of Kelantan, floods forced at least 2,000 people to take shelter in community halls and schools, Bernama said.
The Meterological Services Department on Thursday extended its heavy rain warning for the northern states until Friday evening. The northeast monsoon normally starts in mid-November and ends in March.
November (south) crude palm oil was offered at 810 ringgit a ton against bids of 805 and trade at 800 to 810.
November (central) crude palm oil was offered at 815 ringgit against bids of 810 ringgit. Trade was at 810 to 815.
December (south) saw offers at 830 ringgit and bids at 825, with trade reported at 815 to 830. December (central) was offered at 835 ringgit against bids of 830. Trade was done at 825 to 830.
Among refined products, December RBD palm oil was offered at $230 a ton FOB and January at $237.50.
There were offers for December RBD palm olein at $250 and January at $257.50.
December RBD palm stearin was offered at $195 and December palm fatty acid distillate at $142.50.