KUALA LUMPUR, Aug 29: Malaysian crude palm oil futures closed more than one per cent lower on Tuesday, hit by lower prices of rival soyoil and as selling pressure continued.

The market is still technically weak, it is trying to find a support level, one dealer said. Soyabean market also had a bearish impact. The benchmark third-month November crude palm oil contract on the Bursa Malaysia Derivatives market closed down 18 ringgit at 1,557 ringgit ($423) a ton.

These losses came after 1.5 per cent decline on Monday. Other traded months slipped between 18 and 23 ringgit.

Overall volumes rose to 14,802 lots of 25 tons each from 10,170 lots traded on Monday. Traders said the market awaits this month's export numbers due to be released by cargo surveyors on Friday.

Exports of Malaysian oil palm products for August 1-25 stood at 1,119,785 tons, up 15.6 per cent from the 968,714 tons shipped during the first 25 days of July, cargo surveyor Intertek Testing Services said.

All contracts through July 2007 except November slipped to contract lows. September soyabeans closed 5 cents lower at $5.37- per bushel, after falling to a contract low of $5.37-1/4.

—Reuters