960402

Malaysian

palm oil

ends mixed

KUALA LUMPUR: Palmoil prices closed mixed after a choppy session, with higher-than-expected palmoil export data released by a cargo surveyor partly helping sentiment.

SGS (M) Bhd put palmoil export in March at 593,029 tonnes against trade estimates of 555,000-560,000 tonnes.

"The market was rather choppy today. Many players were unsure of the market's trend after yesterday's strong surge," a dealer said. "Many people took profits and liquidated their positions but in late afternoon prices rebounded on the higher-than-expected March exports by SGS," he said.

Earlier, prices fell due to a technical correction after Monday's strong surge.

Traders attributed the strong gains on Monday to a cut in the Chinese palmoil import duty, technical buying, a mixed to friendly outlook for palm/laurics oil and higher exports in March, estimated by cargo surveyor, Caleb Brett.

The market came down today because players were also concerned about high production in March, traders added.

March's output is expected to rise by up to 30 percent from February's 427,508 tonnes, they said.

Traders are expecting prices to ease further or consolidate at current levels until fresh market developments emerged.

Trading was cautious and turnover fell to 1,986 lots from 2,508 lots on Monday.

At the close, third month June futures was down two ringgit at 1,226 ringgit ($485.16) a tonne. The contract's resistance level is 1,250 with support at 1,200 ringgit.

Physicals saw April crude palmoil (south) offer at 1,237.50 ringgit a tonne after trading from 1,230 to 1,237.50.

In refined products, April RBD palmoil was offered at $512.50 a tonne FOB Malaysia, May/June at $510 and July/Aug/Sep at $505.

April and May RBD palm olein were offered at $530, June at $527.50, and July/Aug/Sep at $525. April was traded from $525 to $529, May from 522.50 to 525.50, and July/Aug/Sep at $522.50.

April RBD palm stearin noted offers at $440 and May/June at $437.50. April/May palm fatty acid distillate saw sellers at $357.50. PALMOIL FUTURES: Prices closed mixed after a choppy session, with higher-than-expected March export data by cargo surveyor SGS (M) Sdn Bhd also partly helping sentiment. Some technical correction also emerged after Monday's strong gains. Trading was cautious and volume also fell.

PALMOIL PHYSICALS: Followed the futures, with interest confining to nearby crude palm oil and selected oils.

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

RBD PALM OIL

Apr 512.50 slr

May/June 510 slr

July/Aug/Sept 505 slr

RBD PALM OLEIN

Apr 530 slr traded 525/527.50/529

May 530 slr traded 522.50/525/525.50

June 527.50 slr

July/Aug/Sept 525 slr traded 522.50

RBD PALM STEARIN

Apr 440 slr

May/June 437.50 slr

PALM FATTY ACID DISTILLATE

Apr 357.50 slr

May 357.50 slr

Apr 545 slr

May/June 535 slr

July/Sept 527.50 slr.-Reuter