Malaysian palm oil price falls

Malaysian palm oil price falls

KUALA LUMPUR (Reuters): Malaysian palm oil futures ended lower on Wednesday after players unwound positions due to uncertainty about market direction and whether India would raise taxes on imported edible oils this week.

India already levies a 44 percent tax on RBD palm olein and dealers said any further increase would inevitably hurt Malaysia, the largest supplier of the product to India.

At Wednesday's close, Malaysia's benchmark January palm oil futures ended nine ringgit down at 839 ringgit a ton. Volume was at 1,338 25-ton lots.

Physical palm oil was also quoted down. November (south) crude palm oil was offered at 820 ringgit a ton against bids of 825.

Among refined products, November RBD palm oil was offered at $230 a ton FOB and December at $235.

There were offers for November RBD palm olein at $250 and December at $255.

November RBD palm stearin was offered at $190 and December at $195.

November palm fatty acid distillate was offered at $132.50.