Malaysia palm oil futures closes little changed

Malaysia palm oil futures closes little changed

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed little changed on Friday with prices locked in a tight range amid uncertainty over the market's near-term direction.

Traders said the market was awaiting fresh data due next week which included official July output, export and end-month stocks figures from the Malaysian Palm Oil Board.

"People are just waiting for next week's data and the market is not going anywhere," said a trader.

He said the market was particularly interested in private forecaster Ivan Wong's assessment of August stocks.

The benchmark third position October futures contract ended down one ringgit at 1,018 ringgit ($267.89) a tonne after trading in a seven-ringgit range.

Traders pegged immediate support at 1,000 ringgit.

Volume fell to 668 lots against 949 on Thursday.

Export data for the first 15 days of August was also due next week.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said on Thursday Malaysian palm oil exports for August 1-10 were 158,054 tonnes. It gave no comparative figures as it was the first time the surveyor had issued export data for the first 10 days of the month.

Another cargo surveyor, Intertech Testing Services (ITS), estimated Malaysia exported 125,389 tonnes of palm oil in the first 10 days of August compared with 201,911 tonnes for the same period in July.

The physical sector was also thinly traded with prices barely changed.

Aug (south) crude palm oil was offered at 1,000 ringgit a tonne against bids of 995. It traded between 995 and 1,000.

Among refined products, Aug RBD palm oil was offered at $277.50 a tonne FOB, Sep at $282.50 and Oct/Nov/Dec at $292.50.

There were offers for Aug RBD palm olein at $297.50, with Sep at $302.50 and Oct/Nov/Dec at $312.50.

Aug/Sep RBD palm stearin was offered at $227.50 and Aug/Sep palm fatty acid distillate at $190.