Malaysia's palm oil off high

Malaysia's palm oil off high

KUALA LUMPUR (Reuters): Malaysian palm oil futures shed earlier gains and stayed in a negative territory at the close on Thursday despite late short covering ahead of the long holiday this week, traders said.

The market will be closed on Friday for the independence day holiday. Trading resumes on Monday, when cargo surveyors ITS and SGS are scheduled to release export figures for all of August.

The benchmark November futures contract ended down two ringgit at 1,069 ringgit ($281.32) a ton after trading as high as 1,085. Overall volume stood at 1,326 lots.

On the physical side, September crude palm oil for south and central regions was offered at 1,075 ringgit a ton against bids at 1,070. There were trades at 1,070 to 1,080 for both regions.

Among refined products, September RBD palm oil was offered at $295.00 a ton and October/November/December at $300.00.

Offers for September RBD olein were at $310.00 and October/November/December at $315.00. September RBD palm stearin was offered at $250.00 a ton and September palm fatty acid distillate was offered at $202.50.