KUALA LUMPUR, March 11: Malaysia’s palm oil futures remained softer in late trade on Tuesday, closing around the day’s low, weighed down by prospects of poor exports and rising stocks.
In his final estimates, private forecaster Ivan Wong said Malaysia’s February palm oil output was seen at 770,000 tons, down 10.8 per cent from January.
Exports in February were estimated at 690,000 tons, compared with the official figure of 854,077 tons for January, said Wong.
At the close, benchmark May futures fell seven ringgit at 1,484 ringgit ($390.53) a ton after trading as high as 1,498 ringgit. Overall volume was heavy at 5,906 lots.
Chartists pegged key support levels at 1,455 and 1,450 ringgit.
In the physical market, sellers offered the March/April contract at 1,520 ringgit a ton against bids of 1,510 ringgit for southern region. Deals were done at 1,500 to 1,510 ringgit a ton.
March/April contract (central) was offered at 1,510 ringgit a ton against bids of 1,500 ringgit. Deals were done at 1,500 to 1,505 ringgit a ton.—Reuters
