Malaysian palm oil dips

Malaysian palm oil dips

KUALA LUMPUR (Reuters): Long liquidation again dominated the Malaysian palm oil market as prices fell on expectations that slow exports would further boost stocks, traders said on Wednesday.

The benchmark third-month February futures contract was down nine ringgit at 814 ringgit (US$214.21) a ton after trading as high as 830 due to overnight gains by Chicago soyoil futures.

Volume was heavy at 2,282 lots, slightly down than 2,322 lots on Tuesday, when the market also experienced long liquidation.

December (south and central) saw offers at 785 ringgit and bids at 775, with trade reported at 780.

January (south and central) was offered at 815 ringgit against bids of 805. No trade was reported.

Among refined products, December RBD palm oil was offered at $220 a ton FOB and January at $225.

There were offers for December RBD palm olein at $237.50 and January at $242.50.

December RBD palm stearin was offered at $195 and December palm fatty acid distillate at $140.