KUALA LUMPUR, March 20: Malaysia’s palm oil futures ended steady on Wednesday, but frustration grew among players with China still shy on naming firms it will approve for importing palm oil this year, traders said.

At the close, the new benchmark third-month June contract was three ringgit higher at 1,172 ringgit ($308.42) a ton after trading as high as 1,177 ringgit.

Volume was moderate at 1,203 lots.

There are too many speculators in this crazy market. I would say the downside is there and people are waiting for any news from China, said one trader.

China, one of Malaysia’s main buyers, released palm oil import quotas for 2002 in February of 2.4 million tons, up from last year’s 1.4 million tons, following its entry to the World Trade Organization (WTO).

China has said it is likely to announce the list of qualified applicants for this year’s farm import quotas, which include wheat, corn, rice and edible oils, by the of March but traders in Malaysia feared there would be more delays.

SGS said Malaysian palm oil exports for March 1-20 stood at 613,367 tons, up from 467,286 tons shipped in February 1-20.

The March contract for the central region was offered at 1,170 ringgit against bids of 1,160 ringgit. Deals were done at 1,160 to 1,170 ringgit.—Reuters