Malaysia palm oil ends slightly lower

Malaysia palm oil ends slightly lower

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed
mostly lower on Wednesday after trading in a tight range due to a
lack of fresh leads.

The benchmark third position October futures contract ended
down one ringgit at 1,039 ringgit (US$273.42) a ton after trading
as low as 1,033.

Volume was extremely thin at 368 lots.

"Everyone is waiting for the export figures and Ivan Wong's
report. Nobody wants to do anything," said a trader.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn
Bhd (SGS) will release export data for July 1-20 on Thursday
while July output, stocks and export projections from private
forecaster Ivan Wong are due on Friday.

News that India's State Trading Corp (STC) had bought 12,000
tons of soybean oil at $331/ton cif Bombay instead of palm olein
was widely ignored by players, despite their craving for fresh
leads.

Little activity was reported at the physical sector.

July (south) crude palm oil was offered at 1,020 ringgit a
ton against bids of 1,010. Trade was reported at 1,015 ringgit.

August (south) crude palm oil was offered at 1,040 ringgit
against bids of 1,030. It traded at 1,030.

Among refined products, July RBD palm oil was offered at
$287.50 a ton FOB, August at $290 and September at $292.50.

There were offers for July RBD palm olein at $307.50, with
August at $310 and September at $312.50.

July RBD palm stearin was offered at $232.50, with August at
$235 and July/August palm fatty acid distillate at $190.