Malaysian palm oil futures end higher

Malaysian palm oil futures end higher

KUALA LUMPUR (Reuters): Malaysian palm oil futures closed
higher on Monday but gains were pared by concerns over high
domestic stocks, traders said.

Supportive export data and firmer soyoil futures on the
Chicago Board of Trade on Friday had boosted prices earlier.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn.
Bhd. (SGS) said Malaysian palm oil exports in the first 10 days
of February were 283,135 metric tons, up from 224,962 in the same
period of January.

The benchmark third-month April futures contract ended up
three ringgit at 746 ringgit ($196.32) a ton after trading as
high as 755.

"The export figures are quite good but people are obviously
concerned about the large stocks. With production still on the
high side, they are worried stocks will increase further," said
one trader in Kuala Lumpur.

Private crop forecaster Ivan Wong said last week Malaysia's
palm oil stocks at the end of January were estimated at 1.50
million tons, up from 1.41 million at end-December.

Wong will release his final estimates of January output,
exports and closing stocks on Wednesday, while official figures
for January are due the following day.

Physical February (south) crude palm oil was offered at 700
ringgit a ton against bids at 690. It traded from 700 to 695.
March (south) saw offers at 735 ringgit, bids at 730 and trade at
737.50 to 730.

Among refined products, February RBD palm oil was offered at
$200 a ton FOB and March at $205.

There were offers for February RBD olein at $205 and March at
$210.

February RBD palm stearin was offered at $180 and February
palm fatty acid distillate at $177.50.