KUALA LUMPUR, Nov 8: Malaysian crude palm oil futures closed lower on Wednesday as players took gains from a recent rally that lifted prices to two-year highs. Last week the contract closed at 1,724, the highest since May 2004. Most other traded contracts closed between 2 and 21 ringgit lower. Overall volume stood at 13,890 lots of 25 tons each.

The state-run Malaysian Palm Oil Board will also release October palm oil production, stocks and export data on Friday.

December soyoil closed up 0.13 cent at 27.67 cents per lb, with the deferreds up 0.03 to 0.12 cent.

In the physical crude palm oil market, November shipment for the southern region was quoted at 1,650/1,655 ringgit a ton. Trades were done between 1,645 and 1,650 ringgit.—Reuters