Malaysian palm oil prices extend losses

Malaysian palm oil prices extend losses

KUALA LUMPUR (Reuters): Malaysia's palm oil futures slid further at the close on Friday on overnight falls at the Chicago Board of Trade (CBOT) and worries over a build-up in stocks, traders said.

The benchmark third-month November futures contract closed 10 ringgit down at 954 ringgit ($251.05) a ton.

Volume was thin at 396 lots.

The market paid little attention to the official August export, stocks and output figures issued by the Malaysian Palm Oil Board (MPBO), said traders, adding that figures were in line with the forecast issued earlier by private forecaster Ivan Wong.

"There was nothing special about MPOB figures. Technically the market doesn't look good and people want to know whether the export figures for the first 20 days of September are okay," said one trader in Kuala Lumpur.

Traders said they welcomed the September 1-15 export data issued by two cargo surveyors, but added they preferred to wait for the figures for the whole month as they would tell them whether local supply was still high.

Physical Sept (south) crude palm oil was bid/asked at 900/910 ringgit a ton. Trade was reported at 910.

Sept (central) crude palm oil was at 915/920 ringgit, and trade was reported at 915 to 920.

Oct (south) crude palm oil was offered at 940 ringgit against bids of 935, and trade was reported at 930 to 935. Oct (central) was offered at 940 ringgit against bids of 935. Trade was reported at 935.

Among refined products, Sept RBD palm oil was offered at $257.50 a ton FOB, Oct at $260 and Nov/Dec at $267.50.

There were offers for Sept RBD palm olein at $277.50, Oct at $280 and Nov/Dec at $287.50.

Sept/Oct RBD palm stearin was offered at $195 and Sept/Oct palm fatty acid distillate was offered at $167.50.