M'sian palmoil futures close sharply lower

M'sian palmoil futures close sharply lower

KUALA LUMPUR (Reuters): Malaysia's palm oil futures closed sharply lower on Monday on prospects of poor exports in January and a lingering downtrend at the Chicago Board of Trade (CBOT), traders said.

The benchmark third-month April futures contract ended down 24 ringgit at 781 ringgit ($205.52) a ton. Volume was 1,854 lots.

Traders said end-month stocks were expected to reach as high as 950,000 tons in January, while exports would stay depressed at below 700,000 tons as Indonesia continued to sell oil at cheaper prices.

Physical February (south) crude palm oil was offered at 730 ringgit a ton against bids of 725 and trade was done at 725 to 730.

February (central) crude palm oil saw offers at 735 against bids of 730 and trade was done at 725 to 730.

March (south and central) crude palm oil saw offer at 770 against bids of 760, and no trade was reported.

Among refined products, February RBD palm oil was offered at $207.50 a ton FOB and March at $215.

There were offers for February RBD olein at $215 and March at $220.

February RBD palm stearin was offered at $195 and February palm fatty acid distillate at $187.50.