April 5, 2003	Saturday	Safar 2, 1424

KUALA LUMPUR, April 4: Malaysian palm oil futures closed lower on Friday after private forecaster Ivan Wong raised his estimate for March production, traders said.

Benchmark June fell 13 ringgit to 1,452 ringgit ($382.11) a tonne after trading as low as 1,432 ringgit.

Overall volume was heavy at 5,455 lots.

In his fresh estimates, Wong put March palm oil output at 920,000 tons against the official 765,543 tons for February. Wong previously forecast March output at 855,000-860,000 tons.

In the physical market, April crude palm oil (CPO) was offered at 1,485 ringgit a ton against bids of 1,480 ringgit for the southern region.

Deals were done at 1,475 to 1,480 ringgit a ton.

April CPO for central region saw offers at 1,480 ringgit a ton against bids of 1,475. Business was done at 1,475.

May CPO for the southern region was offered at 1,485 ringgit a ton against bids of 1,475 ringgit. May CPO for central region saw offers at 1,480 ringgit against bids of 1,470.—Reuters