Malaysia palm oil exrends fall

Malaysia palm oil exrends fall

KUALA LUMPUR (Reuters): Malaysian palm oil futures
rebounded by the close on Monday but stayed in negative territory
with some players expecting technical correction to emerge,
traders said.

The benchmark November futures contract ended down 31 ringgit
at 1,038 ringgit (US$273.16) a ton after trading as low as 1,026
ringgit. Volume was at 1,463 lots.

"The market had broken major support of 1,030 ringgit, but
rebounded after players bought back their contracts. But can it
sustain the rebound? That's a big question," said one trader in
Kuala Lumpur.

India, the world's largest edible oil importer, buys palm oil
from Malaysia and Indonesia.

On Monday, cargo surveyor Societe Generale de Surveillance
Malaysia Sdn Bhd (SGS) said India's palm oil imports from
Malaysia fell to 140,336 tons in August compared with 200,906
tons in July.

In Indonesia, traders said the country's monthly palm oil
exports may slow to 350,000 tons from around 500,000 tons over
the coming months because of slow demand, particularly from
India.

On the physical side, September crude palm oil for south
region was offered at 1,045 ringgit a ton against bids at 1,035.
There were trades at 1,035 to 1,040.

September CPO for the central region saw offers at 1,045
ringgit against bids of 1,040. Deals were done at 1,040 to
1,042.50.

Among refined products, September RBD palm oil was offered at
$287.50 a ton and October/November/December at $292.50.