KUALA LUMPUR, June 9: Malaysia’s palm oil futures strengthened on Monday despite talk of slower exports in June as players found comfort in tight domestic supplies, traders said.

The benchmark third-month August was quoted at 1,421 ringgit ($373.95) a ton, up 15 ringgit, after trading as low as 1,396 ringgit.

Overall volume was heavy at 6,289 lots.

Traders said Malaysia’s palm oil exports for the whole of June could fall to 800,000 tons against one million tons in May because main buyers like India and China were already well covered.

In the physical market, the June CPO contract for the southern region saw offers closing at 1,510 ringgit a ton against bids of 1,500 ringgit.—Reuters