Palm oil ends lower, awaits export data

Palm oil ends lower, awaits export data

KUALA LUMPUR (Reuters): Malaysian palm oil futures retreated
from early gains to close lower due to a lack of follow-through
support or fresh leads.

Trading remained thin as players awaited the release of export
data for the first 10 days of August on Thursday.

The benchmark third position October futures contract ended
down two ringgit at 1,035 ringgit (US$272.37) a ton after trading
as high as 1,043 ringgit.

Volume stood at 564 lots against 462 on Tuesday.

Overnight gains in Chicago soyoil futures had supported early
prices.

"The market is just hovering at current prices because there
are no fresh leads," said one trader in Kuala Lumpur.

He said August 1-10 exports figures could provide more clues
to market direction for the coming months.

Traders said the market was still awaiting developments on the
government's proposals to allow some companies to export crude
palm oil (CPO) duty-free this year.

Primary Industries Minister Lim Keng Yaik said on Monday
Malaysia was considering the removal of duties on CPO exports
this year.

Aug (south) crude palm oil was offered at 1,015 ringgit a ton
against bids of 1,010. Trade was reported at 1015.

Among refined products, Aug RBD palm oil was offered at
$282.50 a ton FOB, Sep at $287.50 and Oct/Nov/Dec at $300.

There were offers for Aug RBD palm olein at $302.50, with Sep
at $307.50 and Oct/Nov/Dec at $320.

Aug/Sep RBD palm stearin was offered at $232.50 and Aug/Sep
palm fatty acid distillate at $190.