KUALA LUMPUR, April 26: Malaysian crude palm oil futures closed lower on Wednesday, reversing initial gains due to profit-taking and losses in US soyaoil during Asian trade, dealers said.

Smaller-than-expected export estimates for April 1-25 had earlier kept a lid on the market.

The benchmark third-month July contract on the Bursa Malaysia Derivatives market ended down nine ringgit at 1,473 ringgit ($404.45) a ton after trading as high as 1,489.

Other traded months closed between six and 11 ringgit lower.

Overall volume stood at 6,411 lots of 25 tons each, down from Tuesday’s 6,943 lots.

The April 1-25 export numbers came in slightly below market expectations, so players are a bit cautious, a trader said. But in Wednesday’s electronic trading during Asian hours the May contract fell 0.10 to 24.68 cents.

In physicals, April crude palm oil was offered at 1,435 ringgit a ton in central and southern regions, against bids of 1,425 ringgit. Trades were done at 1,425-1,430 in both regions.

May crude palm oil was offered at 1,450 ringgit in both regions against bids of 1,445. Trades were reported at 1,455-1,450 in the southern region and at 1,455-1,445 in central.

—Reuters