Malaysian palm oil futures close lower

Malaysian palm oil futures close lower

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

Wong estimated end-November Malaysian palm oil stocks at a record high of 1.56 million tons, up from 1.41 million at end- October.

Production was estimated to have fallen by 2.5 percent to 1.15 million tons in November from 1.18 million in October.

The benchmark third-month February futures contract ended down seven ringgit at 820 ringgit ($215.79) a ton after trading as low as 815.

December (south) crude palm oil was offered at 760 ringgit a ton against bids at 750, and trade was reported at 770 to 750. January (south) was offered at 805 ringgit against bids of 800, and trade was done at 800.

Among refined products, December RBD palm oil was offered at $217.50 a ton FOB and January at $220. There were offers for December RBD palm olein at $227.50 and January at $230.

December RBD palm stearin was offered at $205 and December palm fatty acid distillate at $165.