950807

Malaysian

palm oil

sharply fall

KUALA LUMPUR: Palmoil prices fell sharply at the close on technical selling, with players also liquidating their positions on speculation of falls in Chicago soyoil futures tonight, traders said.

A crop report by Malaysian forecaster, Ivan Wong had no impact on the market, they said.

"People are liquidating their positions in the absence of strong leads," a trader said. "We are going to see the performance of the Chicago market tonight."

The trader added: "Ivan's report was within market expectation and has no impact."

Wong revised July's production to rise by 7.5 percent to an estimated 657,000 tonnes from his previous forecast of eight percent rise. He put July exports at 595,000 tonnes and end-July stocks at 535,000 tonnes.

Lack of news saw players selling actively, causing total turnover on the futures market to swell to 3,198 lots from 1,652 lots on Friday.

Third month October futures closed 44 ringgit down at 1,346 ringgit ($546) a tonne. "People started selling actively after October futures broke the 1,360 ringgit level," another trader said.

Physicals Aug crude palmoil (south) was offered at 1,430 ringgit a tonne.

In refined products, Aug RBD palmoil was offered at $615 a tonne FOB Malaysia, Sept at $610 and Oct/Nov/Dec at $605. Aug was traded at $622.50.

Aug RBD palm olein was offered at $642.50, Sept at $637.50 and Oct/Nov/Dec at $630. Aug was traded at $650 and $645, Sept at $645 and $642.50, and Oct/Nov/Dec at $635 and $630.

Aug RBD palm stearin saw sellers at $510 and Sept at $505. Aug/Sept/Oct palm fatty acid distillate were offered at $425.

PALMOIL FUTURES: Prices fell sharply at the close as the market lacked encuraging leads and on speculation prices in Chicago may fall tonight. The fall was due to technical selling. A crop report by Ivan Wong had no impact.

PALMOIL PHYSICALS: The sector saw some activity among nearby CPOs and products, with uncertainty about the weather still keeping some players sidelined.

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

Aug 1420/1430 ba

Sept 1400/1410 ba

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

RBD PALM OIL

Aug 615 seller traded 622.50

Sept 610 seller

Oct/Nov/Dec 605 seller

RBD PALM OLEIN

Aug 642.50 seller traded 650/645

Sept 637.50 seller traded 645/642.50

Oct/Nov/Dec 630 seller

RBD PALM STEARIN

Aug 510 seller

Sept 505 seller

Rest unquoted.-Reuter