March 25, 2003	Tuesday	Muharram 21, 1424

KUALA LUMPUR, March 24: Malaysia’s palm oil futures failed to sustain earlier gains and fell across the board on Monday, uncertain about how long the US-led war in Iraq would continue.

The benchmark third-month futures, June, had touched a high of 1,470 ringgit on gains in soyoil market before liquidation dragged down the contract to end at 1,417 ringgit ($372.89) a ton, down 38 ringgit from Friday.

Palm oil exports were likely to be high in March 1-25, traders said, but the market remained cautious because the war could disrupt shipments to consumers in Europe and the Middle East.

Cargo surveyors ITS and SGS are scheduled to release the estimates on Tuesday.

In the physical crude palm oil market, sellers offered March/April crude palm oil at 1,460 ringgit a ton against bids of 1,445 ringgit for southern and central regions.

Deals were reported at 1,470 to 1,475 ringgit for south and at 1,470 to 1,472.50 ringgit for central.—Reuters