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Malsysian palm

oil ends lower

KUALA LUMPUR: Malaysian palmoil prices fell further at the close after a higher opening as players liquidated their positions amid uncertainty about the tremd, traders said.

Technical selling, concern about the weak local fundamentals also caused prices to drift downwards after the market has opened higher on news of India's STC offtake.

"India's STC purchase did not help much. There were no follow-through supportive news and prices moved down after a steady opening," a trader said.

India's STC bought 6,000 tonnes of RBD palm olein at $630 a tonne for first-half October shipment on Thursday.

"Technically, the market is weak and the charts are also showing a bearish signal," the trader said.

Weak fumdamentals had caused most players to move to the sidelines, resulting in prices moving in a narrow range.

Third month November futures closed four ringgit down at 1,318 ringgit ($529) a tonne after trading within a 12-ringgit range.

Turnover fell to 1,230 lots from 2,143 lots on Thursday.

Physicals Aug crude palmoil (south) was offered at 1,405 ringgit a tonne.

Among refined products, Sept RBD palmoil was offered at $590 a tonne FOB Malaysia, Oct at $582.50 and Nov/Dec at $580. Sept was traded at $585.

Sept RBD palm olein was offered at $615, Oct at $605 and Nov/Dec at $600. Sept was traded at $615.

Sept RBD palm stearin saw sellers at $495 and Oct at $490. Sept palm fatty acid distillate was offered at $412.50.

PALMOIL FUTURES: After a higher opening on India's offtake, prices closed lower, extending losses on further selling and lack of news. Movements were locked in a tight range as players were reluctant to trade amid uncertainty about the trend. Weak fundamentals also cautioned players.

PALMOIL PHYSICALS: Interest was thin and confined to selected products. PALMOIL FUTURES PALMOIL PHYSICALS

Nov (3rd pos) 1,318 rgt/tonne Aug south 1,405

Hi/low 1,326/1,314 Prev close 1,410

prev settlement 1,322 sellers price

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

Aug 1405/1410 ba traded 1395/1400

Sept 1385/1400 ba traded 1400

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

RBD PALM OIL

Sept 590 slr traded 585

Oct 582.50 slr

Nov/Dec 80 slr

RBD PALM OLEIN

Sept 615 slr traded 615

Oct 605 slr

Nov/Dec 600 slr.

RBD PALM STEARIN

Sept 495 slr

Oct 490 slr

Rest unquoted.-Reuter