Malaysian palm oil pulls off low in technical bounce

Malaysian palm oil pulls off low in technical bounce

KUALA LUMPUR (Reuters): Malaysian palm oil prices pared losses on Thursday in a technical rebound after recent sharp losses.

The benchmark third-month November futures contract closed eight ringgit down at 964 ringgit ($253.68) a ton after hitting a low of 950 ringgit.

Traders pegged immediate support at 950.

The official Malaysian Palm Oil Board will issue August export, stock and output figures on Friday, but traders said the market was more interested in export data for the first 15 days of September.

Private crop forecaster Ivan Wong said on Thursday Malaysia's palm oil production was estimated to have risen 11.7 percent to 946,000 tons in August from 846,645 tons in July.

Wong put stocks at the end of August at 1.21 million tons against 1.07 million tons at end-July, and exports in August at 675,000 tons compared with 687,649 tons a month earlier.

Sept (south) crude palm oil was offered at 935 ringgit a ton against bids of 930. Trade was reported at 925 to 930.

Oct (south) crude palm oil was offered at 950 ringgit against bids of 945. It traded at 935 to 945.

Among refined products, Sept RBD palm oil was offered at $257.50 a ton FOB, Oct at $260 and Nov/Dec at $270.

There were offers for Sept RBD palm olein at $277.50, Oct at $280 and Nov/Dec at $290.

Sept/Oct RBD palm stearin was offered at $197.50 and Sept/Oct palm fatty acid distillate was offered at $167.50.