KUALA LUMPUR, Nov 19: Malaysian crude palm oil futures extended losses on Wednesday as players liquidated positions ahead of additional margin requirements imposed by the exchange, traders said.

Overnight losses in rival Chicago soyaoil futures also weighed on palm oil prices, they said.

Benchmark third-month February contract ended down 43 ringgit at 1,708 ringgit ($449.47) a ton, the day’s low. It fell 37 ringgit on Tuesday.

Overall volume rose to 7,829 lots from Tuesday’s 5,503 lots.

In early 2003, India, the world’s largest edible oil importer, lowered customs duties on RBD palm olein to 70 per cent from 85 per cent to give consumers some relief from high vegetable oil prices in the domestic market.

In physical trading of crude palm oil, the contract for November saw bidders/sellers at 1,830/1,850 ringgit a ton in the southern region, against Tuesday’s close of 1,865/1,875.

November central saw bidders/sellers at 1,840/1,850 ringgit.—Reuters