Palm oil market ends mixed

Palm oil market ends mixed

KUALA LUMPUR (Reuters): Malaysia's palm oil futures were mixed by the close on Friday with technical covering helped prices rebound from recent losses.

The new benchmark third-month May futures contract eased one ringgit to 709 ringgit ($186.57) a ton, just above the support level of 700 ringgit, after trading as low as 699. Volume was 2,626 lots.

Traders said market sentiment was bearish because of worries over high stocks, which could reach 1.5 million tons in February.

Physical February (south and central) crude palm oil was offered at 670 ringgit a ton against bids of 665 and trade was reported at 660 to 665 for south and at 665 for central.

March (south) saw offers at 685 ringgit and bids at 680 and trades were done at 680 to 690. March (central) was offered at 690 ringgit against bids of 682.50 and deals were done at 680 to 685.

Among refined products, February RBD palm oil was offered at $195 a ton FOB and March at $197.50. There were offers for February RBD olein at $200 and March at $202.50.

February RBD palm stearin was offered at $170 and February palm fatty acid distillate at $165.