KUALA LUMPUR, Sept 15: Malaysian crude palm oil futures closed lower on Thursday, reversing earlier gains as players booked profits following a drop in rival US soyaoil prices during Asian trade.

Estimates of better exports in the first half of September compared with a month earlier had aided the earlier rise. The benchmark contract, November, ended down 5 ringgit at 1,385 ringgit ($367.47) a ton after trading as high as 1,396.

Overall volume stood at 4,714 lots of 25 tons each, up from Wednesday’s 3,730 lots.

September usually marks the start of one of the busiest periods in shipments of palm oil, when Pakistan, the Middle East and India import more oils to make special food for the Ramazan and Hindu Diwali festivals in November.

Offers for the central zone stood at 1,380 ringgit, while bids were at 1,375.

Trades were reported at 1,390-1,385 ringgit in the south and 1,385-1,377.50 in the central region. —Reuters