KUALA LUMPUR, March 29: Crude palm oil futures closed down on Wednesday, with a stronger ringgit currency and ample current supply keeping a lid on demand, traders said.

The benchmark third-month June contract on Bursa Malaysia Derivatives closed down six ringgit at 1,442 ringgit ($390) a ton. Other traded months were down four ringgit to 13 ringgit.

Volume stood at 3,800 lots of 25 tons each.

The market is slow because the stocks are quite high, for the CPO as well as the products, one trader said. I think if the price falls below 1,400 it may attract the consumer to come in, then the market may be better.

At Tuesday’s close, soyaoil was up on the Chicago Board of Trade, with the key May contract rising 0.25 cents to 22.91 cents per lb. In Wednesday’s electronic trading during Asian hours, the contract rose 0.06 cents to 22.97 cents per lb.

Soyaoil and palm oil compete for exports and their prices often move in step.

In physical palm oil trade, March crude palm oil was offered at 1,415 ringgit a ton, for both southern and central regions, against bids of 1,410. Trades were heard at 1,410 to 1,412.50 ringgit.—Reuters