Malaysian crude palm oil futures ended down in thin volume after a drop in prices of US soyaoil depressed the domestic market ahead of key crop and export data due on Monday.
The key November crude palm oil contract on Bursar Malaysia Derivatives fell 7 ringgit to 1,381 ringgit ($366.41) a tonne on Thursday, after moving between a high of 1,379 and low of 1,386.
Other traded contracts closed down 7 to 9 ringgit. Overall volume was 1,845 lots, against on Wednesday's 2,605 lots. Trades can total 6,000 lots or more in an active market.
September soyaoil on the Chicago Board of Trade closed down 0.23 cent at 22.62 cents per lb on Wednesday, and remained weak on Thursday's electronic session conducted during Asian trading hours.
Soyaoil is palm oil's main export rival and prices of the two often move in step. Dealers said they expected palm to remain locked in a 5 to 7 ringgit trading band until next week's crop and exports data.
Cargo surveyors' estimates of Malaysia's September 1-10 palm oil exports are due on Monday, along with official numbers of August production, exports and closing stocks from the government-run Malaysian Palm Oil Board (MPOB).
Leading surveyor Society General de Surveillance said exports of Malaysian palm oil rose 8.1 percent last month, against market expectations of a 15-20 percent growth.
The MPOB had put a drop of 7.82 percent for July exports. Stocks grew 7.43 percent and production 7 percent, it said. In physical dealings of crude palm oil on Thursday, September contract saw offers closing at 1,377.50 ringgit a tonne and bids at 1,372.50 in the southern region of Malaysia.
In the central region, offers/bids stood at 1,375/1,370 ringgit. Trades were reported at 1,375 ringgit in the south and 1,370 in the central region.
PALM OIL FUTURES:
September (south): 1377.50.
Open/High/Low: 1385/1386/1379.
Previous close: 1380.00.
PALM OIL PHYSICALS:
November (3rd month): 1381.
Previous settlement: 1388.
FUTURES:
Benchmark November closed down 7 ringgit at 1,381 ringgit ($366.41) a tonne following drop in rival soyaoil.
PHYSICALS: Also down.
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