Malaysian palm oil ends little changed, choppy

Malaysian palm oil ends little changed, choppy

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed
little changed after a choppy session on Wednesday, with
technical buying and short covering lifting prices from earlier
lows, traders said.

Weaker export data for Nov. 1-15 had dragged prices lower
after the market started on a firmer note on the back of
overnight gains in Chicago soyoil futures.

"Players are generally cautious due to uncertainty over the
near-term direction. But there was good support at the lower
levels, so we feel the downside is quite limited," said a trader.

The benchmark January contract ended down two ringgit at 834
ringgit (US$219.47) a ton after trading between 824 and 840
ringgit.

November and December closed unchanged at 800 and 820 ringgit
respectively.

Physical November (south) crude palm oil was offered at 795
ringgit a ton against bids of 790, and traded between 785 and 795
ringgit.

Among refined products, November and December RBD palm oil
were offered at $230 a ton FOB.

There were offers for November and December RBD palm olein at
$250.

November RBD palm stearin was offered at $190 and December at
$195. November palm fatty acid distillate was offered at $135.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn.
Bhd. (SGS) said Malaysian palm oil exports for the first 15 days
of November were 415,505 tonnes, compared with 458,101 for the
same period in October.

Official output, stocks and export figures for October had
little impact on the market.

The Malaysian Palm Oil Board (MPOB) said palm oil output in
October rose 6.66 percent from the previous month to 1.18 million
tonnes.

End-October stocks were up 2.85 percent from the previous
month to 1.41 million tonnes, while exports in October reached
1.0 million tonnes compared with 791,149 tonnes in September.

Uncertainty over the timing of a rise in Indian vegetable oil
import duties continued to undermine the market.

India's domestic vegetable oil industry has been expecting an
increase in import duties of palm oil and other oils following a
surge in cheap imports.

India's Food Minister Shanta Kumar earlier this month said the
government would take an early decision to raise import duties on
edible oils, but set no date for the announcement.