BANGKOK, April 18: Malaysian crude palm oil futures ended slightly lower on Tuesday as players waited for a clearer market direction, dealers said.

The benchmark third-month July crude palm oil contract on the Bursa Malaysia Derivatives in Kuala Lumpur ended down 2 ringgit a ton at 1,468 ringgit ($401) after trading as high as 1,478 ringgit.

The market was down early but some buying took place in the afternoon after Azizi’s comments, a trader said, referring to Azizi Meor Ngah, head of the Malaysian Palm Oil Association.

Azizi told Reuters Malaysian palm oil prices were likely to rise to between 1,500 and 1,550 ringgit as European demand for alternative fuels grew with the rise in crude oil prices.

Total volume was 5,292 lots of 25 tons. Other traded months were down between one and three ringgit. The market was expected to move in a narrow range on Wednesday with immediate resistance at 1,480 ringgit and support at 1,450, dealers said.

In Tuesday’s electronic trading during Asian hours, soyaoil on the Chicago Board of Trade was up, with the key May contract up 0.03 cent to 22.73 cents at 1102 GMT.—Reuters