Malaysia palmoil futures ends lower

Malaysia palmoil futures ends lower

KUALA LUMPUR (Reuters): Malaysia's palm oil futures closed lower on Wednesday due to poor export figures and prospects of high production in January, traders said.

The benchmark third-month April futures contract was down four ringgit at 780 ringgit ($205.26) a ton after trading as high as 790 ringgit on overnight rises at the Chicago Board of Trade (CBOT).

Volume was 1,686 lots.

"There's no clear direction and the market was only moving in a range of 750 to 800 ringgit. There's nothing much to talk about on the local front and people are craving for fresh leads," said one trader in Kuala Lumpur.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said Malaysian palm oil exports in January dropped to 835,347 tons against 969,564 in December.

SGS said it estimated exports from the shipments of 233,924 tons of RBD palm oil, 271,558 tons of RBD palm olein and 63,612 tons of RBD palm stearin, which it tracked during the period.

Other palm oil products accounted for 266,253 tons to make up the balance of the export figure, it said.

Physical February (south) crude palm oil was offered at 720 ringgit a ton against bids of 715 and trade was done at 715 to 720.

Physical February (central) crude palm oil saw offers at 725 ringgit a ton against bids of 717.50 and deal was done at 715 to 720.

March (south and central) crude palm oil saw offers at 760 against bids of 755, and trade was reported at 755 to 760 for both regions.

Among refined products, February RBD palm oil was offered at $205 a ton FOB and March at $212.50.

There were offers for February RBD olein at $212.50 and March at $220.

February RBD palm stearin was offered at $195 and February palm fatty acid distillate at $185.