KUALA LUMPUR, Sept 4: Malaysian crude palm oil futures closed lower in thin trade on Monday, dragged down by lower prices of rival soyoil. Soyaoil had a bearish impact on the market, said one dealer. The November contract broke the important support level of 1,580 ringgit, said one trader.
The benchmark third-month November crude palm oil contract on the Bursa Malaysia Derivatives market ended down 18 ringgit at 1,572 ringgit ($430) a ton.
Other traded months fell between 19 and 26 ringgit. Volumes stood at 6,509 lots of 25 tons each, down from 11,186 lots traded on Friday morning.
Dealers said the market was awaiting August output and stocks data due to be released by industry regulator Malaysian Palm Oil Board next week.
Exports of Malaysian palm oil products in August stood at 1,339,032 tonnes, up 9.3 per cent from the 1,225,495 tons shipped in July, cargo surveyor Intertek Testing Services said.
Another cargo surveyor, Societe Generale de Surveillance, said exports during the month stood at 1,367,456 tons, up 12.8 per cent from the 1,211,764 tons shipped in July.
On Friday, Chicago Board of Trade soybean futures ended lower, with prices still weighed down by prospects for a big US soyabean crop and abundant stocks, traders said.
Trades were done between 1,550 and 1,565 ringgit.—Reuters
