Malaysia palm oil prices end down

Malaysia palm oil prices end down

KUALA LUMPUR (Reuters): Malaysia palm oil futures ended lower on profit-taking as players expected a sell-off in soyoil futures in Chicago trading later on Tuesday.

Weak export data for July also pulled down the market, which rose to 20-month highs on Monday.

At the close, the benchmark third-month October contract for Malaysian palm oil was down 22 ringgit at 1,235 ringgit (US$325) a ton after trading as low as 1,223. Volume was 2,665 lots.

Traders said the market was down mainly on expectations that Chicago would be hit by fresh U.S. crop data.

Weak export estimates for palm oil in July, released by cargo surveyor Societe Generale de Surveillance Malaysia (SGS) in the afternoon, gave players more reason to sell, traders said.

Physical August crude palm oil for the southern and central regions was offered at 1,245 ringgit a ton against bids at 1,240. Trades were reported at 1,240 to 1,250 ringgit.

Among refined products, August/September RBD palm oil was offered at $345 a ton and October/November/December at $347.50.

Offers for August/September RBD olein were made at $367.50 and October/November/December at $370.

August/September RBD palm stearin was offered at $277.50, while August palm fatty acid distillate was offered at $212.50.