950823

Malaysian

palm oil

lower

PALMOIL FUTURES - Prices closed lower despite India's STC tender. Players are still concerned about the weather and weak local fundamentals. Speculation that prices in Chicago may fall tonight also eased sentiment. But trading activity picked up.

PALMOIL PHYSICALS - Also trended down in line with futures. Interest was seen among selected products.

KUALA LUMPUR, Aug 23 (Reuter) - Palmoil prices ended lower in increased trading activity despite news that India's STC was in the market seeking to buy October RBD palm olein.

"People liquidated their positions although India's STC is in the market," a trader said.

"Even if STC buys, it will be only small quantity and that won't push up prices sharply," he said.

India's STC is seeking to buy 6,000 tonnes each of RBD palm olein for first-half October and October 10-20 shipment.

The easier market was attributed to players' unwillingness to trade amid uncertainty about the immediate trend.

"People are still concern about the weather and local weak fundamentals, like the rising production," another trader said.

Third month November futures closed 15 ringgit down at 1,331 ringgit ($533) a tonne

Turnover on the futures market rose to 1,734 lots from 1,083 on Tuesday.

Physicals Aug crude palmoil (south) was offered at 1,420 ringgit a tonne after trading at the level.

Among refined products, Sept RBD palmoil was offered at $597.50 a tonne FOB Malaysia, Oct at $592.50 and Nov/Dec at $590. Sept was traded at $595 and Oct at $590.

Sept RBD palm olein was offered at $620, Oct at $610 and Oct/Nov/Dec at $610. Sept was traded at $620 and Oct from $615 to $607.50.

Sept RBD palm stearin saw sellers at $500 and Oct at $492.50. Sept/Oct palm fatty acid distillate were offered at $420.

(Prices in Ringgit/tonne local delivery/Crude, Bulk)

Aug 1410/1420 ba 1420

Sept 1390/1405 ba

(Prices in US dlrs/Tonne local for Malaysian ports,Bulk)

RBD PALM OIL: Sept 597.50 slr traded 595 Oct 592.50 slr traded 590 Nov/Dec 590 slr

RBD PALM OLEIN Sept 620 slr traded 620 Oct 610 slr traded 615/612.50/610/607.50. Oct/Nov/Dec 610 slr

RBD PALM STEARIN Sept 500 slr Oct 492.50 slr

Rest unquoted.-Reuter