Malaysia palm oil futures end lower

Malaysia palm oil futures end lower

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed lower on Friday due to liquidation prompted by bearish data from private crop forecaster Ivan Wong, traders said.

Wong said Malaysia's palm oil output was expected to fall to 910,000-915,000 tonnes in January from 943,000 in December.

He forecast end-January stocks at 1.37-1.38 million tonnes, down from 1.41 million at end-December, and exports in January at 805,000-810,000 tonnes, against 894,000 in December.

Traders said some players expected Wong to raise his production estimate for January in his next crop report due on February 7.

"The market was down in the morning and slid again in the afternoon because of the data," said one trader in Kuala Lumpur.

The benchmark third-month April futures contract ended down 10 ringgit at 815 ringgit ($214.47) a ton.

Traders said players also unwound positions ahead of the holidays next week.

The Commodity and Monetary Exchange of Malaysia (Commex) will close on January 23, 24 and 25 for celebrations to mark Lunar New Year. Trading will resume on Friday, January 26.

Physicals February (south) crude palm oil was offered at 765 ringgit a ton against bids of 760 and trade was done at 755.

February (central) was offered at 765 against bids of 760. Among refined products, February RBD palm oil was offered at $217.50 a tonne FOB and March at $225.

There were offers for February RBD olein at $225 and March at $232.50.

January RBD palm stearin was offered at $197.50, and January palm fatty acid distillate at $187.50.