Malaysian crude palm oil futures moved within a narrow range on the last day of 2004, ending flat in thin trade as most players were away for the New Year holiday. Traders said better than expected export data for December had little impact on the market. "Those still in the market were just squaring their positions before the New Year. Even the good export numbers were ignored," said a trader.

Cargo surveyor Society Generale de Surveillance said on Friday Malaysia's exports of oil palm products for December stood at 1,125,876 tonnes, up 2.8 percent from the 1,095,099 tonnes seen for November.

The market had expected December exports to fall below one million tonnes following weak demand in the first half of the month.

Bursar Malaysia Derivatives' benchmark third-month crude palm oil futures contract, March, ended down one ringgit at 1,387 ringgit ($365) a tonne, after trading within a nine-ringgit range.

For the year, the third-position contract was down 22 percent. Overall volume stood at 1,783 lots of 25 tonnes, down from Thursday's 3,142 lots.

In physical trade of crude palm oil, January saw bids at 1,400 ringgit a tonne and offers at 1,405 in Malaysia's southern and central regions, compared with Thursday's close of 1,395/1,400.

Trades were reported at 1,395-1,400 ringgit in both regions.

PALM OIL FUTURES:

January (south): 1405

Open/High/Low: 1384/1392/1383

Previous closes 1400

PALM OIL PHYSICALS:

March (third month): 1387

Previous settlement: 1388

FUTURES: Benchmark March down 1 ringgit to 1,387 ringgit ($365) a tonne.

PHYSICALS: January offered 5 ringgit higher.

Copyright Reuters, 2005