Palm oil ends mixed, shrugs off data

Palm oil ends mixed, shrugs off data

KUALA LUMPUR (Reuters): Malaysian palm oil futures gave up earlier gains and ended mixed in choppy trade on Wednesday as players brushed aside official estimates showing a sharp rise in exports.

"Speculators pushed up prices to 826 ringgit when the figures came up. But they started selling again when they learned the data looked impossible," said one trader.

The official Malaysian Palm Oil Board (MPOB) said in a report that exports of palm oil products were expected to increase by 5.1 percent to 13.0 million tons in 2001 due to the price competitiveness of palm oil against other edible oils.

But traders said it was unlikely that Malaysia, the world's largest palm oil producer, could export such amounts of palm oil this year.

At the close, Malaysia's benchmark third-month August contract was up one ringgit at 820 ringgit ($215.79) a ton after trading as high as 826 ringgit.

Among refined products, June/July RBD palm oil was offered at $235 a ton FOB, August at 237.50 and September at $240.

There were offers for June/July RBD olein at $250, August at $242.50 and September at $255.