KUALA LUMPUR, Jan 15: Malaysian crude palm oil futures fell almost two per cent on Tuesday, recoiling from historic highs hit the day before as dismal export data from cargo surveyors spurred investors to book profits.

But palm oil prices, up nearly 10 per cent since the start of the year, were supported by a supply squeeze resulting from last year’s monsoon floods and strength in soyaoil market.

The benchmark March contract on the Bursa Malaysia Derivatives Exchange finished down 64 ringgit to 3,350 ringgit ($1,029) a ton.

On Monday, the contract hit a record high of 3,420 ringgit.

“Good profit taking is in the cards with weaker exports as the catalyst, although the European Union’s proposal to impose tough standards on biodiesel could play a role,” said a senior trader with a foreign brokerage.

“There could be a slowdown in all-round demand with high prices and the environment concerns.” Other traded months fell between 30 and 92 ringgit. Overall volume jumped to 18,700 lots of 25 tons each, from about 10,000 lots traded on a routine day.

Exports of Malaysian palm oil products for January 1-15 fell 46 per cent to 394,395 tons from 728,067 tons shipped between December 1 and 15, cargo surveyor Intertek Testing Services said on Tuesday. —Reuters