KUALA LUMPUR, March 16: Malaysian crude palm oil futures ended up on Thursday for the first time in 13 days, as a new benchmark contract took effect, and dealers said the market could trend higher if imports improved further.

The new benchmark third-month June crude palm oil contract on Bursa Malaysia Derivatives returned above the 1,450 ringgit pyschological level, although more demand for oil was probably needed to drive it higher, traders said.

Palm oil futures had fallen about four per cent since the third-month contract hit an 11-month peak of 1,512 ringgit on Feb. 27.

Two cargo surveyors followed by the market will release on Monday export estimates for March 1-20.

Societe Generale de Surveillance (SGS), one of the two surveyors, said on Wednesday exports for March 1-15 were down only 6.8 per cent from Feb. 1-15, compared with the 10.5 per cent drop seen for March 1-10 against Feb. 1-10.

At Thursday’s close, the benchmark June contract was up 0.6 per cent or eight ringgit at 1,450 ringgit ($392) a ton. Its high for the morning was 1,522 and low 1,410.—Reuters