KUALA LUMPUR, June 7: Malaysian crude palm oil futures ended below the key 1,400 ringgit level on Tuesday after an influential trading house with large refineries in Indonesia sold down olein on the physical market. The trading group with interests in Indonesia sold RBD palm olein for July through December in the physical market at $395 a tonne, versus Monday’s close of $402.50, dealers said.

August settled down 16 ringgit, or 1.34 per cent, at 1,389 ringgit ($365.52).

The low for the day was 1,388 ringgit while the high was 1,404.

Other traded months settled down 15 to 16 ringgit.

Volume was thin, with just 2,998 lots of 25 tons each traded. The market typically does 6,000 lots or more on a busy day.

In physical trade of crude palm oil, the June/July contract saw bids closing at 1,400 ringgit a ton in Malaysia’s southern region, against offers at 1,405.

Trades were reported for June at 1,395-1,400 ringgit in the south and 1,392.50-1,395 in the central region.—Reuters