March 27, 2007	Tuesday	Rabi-ul-Awwal 7, 1428

KUALA LUMPUR, March 26: Malaysia's crude palm oil futures closed lower on Monday as poor export data disappointed the market and players booked profits after the benchmark contract rose to its highest in three months.

The benchmark third-month June contract on the

Bursa Malaysia Derivatives Exchange finished down 15 ringgit, or 0.7 per cent, at 1,995 ($578) ringgit a ton.

Most other contracts fell between 5 and 11 ringgit, except March and May 2008, which were up 10 ringgit.

Overall volume stood at 7,086 lots of 25 tons each.

The market went down because of profit taking and also export figures played an important role, one dealer said.

The contract hit an intraday high of 2,030 ringgit a ton, its best level since Dec. 29 on gains in US soy and surging crude oil.

The palm oil market drove the country's index up 0.7 per cent on Monday to its highest level in about a month.

Palm oil and property firm IOI Corp Bhd jumped 5.1 per cent to a record high, Sime Darby Bhd > soared 4.4 per cent to its highest level in about a month, Kuala Lumpur Kepong Bhd rose 2.5 per cent and Golden Hope climbed 4.6 per cent.

The plantation index rose 3.09 per cent to 5010.38.

Cargo surveyor Intertek Testing Services said on Monday that exports of Malaysian palm oil products for March 1-25 fell 0.9 per cent to 719,482 tons from 726,152 ton shipped between February 1-25.

Another surveyor, Societe Generale de Surveillance, said exports during the period fell 3.1 per cent to 714,124 tons from 737,015.

Malaysian palm oil prices soared 40 per cent last year on the back of biodiesel demand and the market is still holding on to strong gains despite a sell-off of risky assets around the globe.

Biofuels are taking on renewed global importance as countries seek to cut hazardous emissions and as crude oil hit record highs.

In the physical market, crude palm oil for March shipment in the southern region was quoted at 2,000/2,005 ringgit per ton.

Deals were done between 2,005 and 2,015 ringgit a ton.—Reuters