KUALA LUMPUR, May 2: Malaysian crude palm oil futures extended losses to close more than one per cent lower on Tuesday as the ringgit’s rise to eight-year highs and holidays in leading buyer China kept buyers at bay. China is absent and the ringgit is a concern, a Kuala Lumpur trader said.

The currency’s rise would make palm oil relatively more expensive to overseas buyers. The ringgit has gained 4.6 per cent against the dollar so far this year.

No market impact was seen from estimates by two leading cargo surveyors showing sharp rises in April palm oil exports compared with last month.

Traders said they met market expectations.

The benchmark third-month July contract on the Bursa Malaysia Derivatives market was down 16 ringgit at 1,465 ringgit ($405.4) a ton, off the day’s high of 1,484. Other traded months were down between 12 and 19 ringgit.

Overall volumes stood at 7,069 lots of 25 tons each.

On Monday soyaoil on the Chicago Board of Trade was up 0.27 to down 0.35 cents per lb.

In physical trade, May crude palm oil was offered at 1,440 ringgit a ton in central and southern regions, against bids of 1,435 ringgit.—Reuters