KUALA LUMPUR, Nov 22: Most of Malaysia’s crude palm oil futures contracts wandered gently lower during Friday’s late trade, ending a session bereft of direction as players waited for next week’s November 1-25 exports data.

The benchmark third-month February futures had touched a low of 1,556 ringgit, just above the key support of 1,555 ringgit, but a last-minute covering lifted the contract to 1,572 ringgit ($413.68), up one ringgit.

Overall volume was heavy at 4,442 lots.

Wong put end-December stocks at 1.12 million tons and January at 1.06 million tons.

Malaysia’s palm oil output was estimated by traders at 11.9 million tons this year, up from 11.8 million in 2001 and 10.8 million tons in 2000.

On the physicals market, crude palm oil for November saw bids at 1,570 ringgit a ton against sellers’ offers of 1,575 ringgit for southern and central regions.

Deals were done at 1,567.50 to 1,570 ringgit for central.

December CPO was on offer at 1,580 ringgit a ton against bids of 1,575 ringgit for south and central.—Reuters