KUALA LUMPUR, May 10: Malaysian crude palm oil futures closed lower on Wednesday, weighed down by lower exports for the first 10 days of May.

Official data showing a further drop in domestic palm oil stocks and gains in rival US soyaoil helped limit losses, traders said.

The benchmark third-month July contract on Bursa Malaysia Derivatives ended down four ringgit at 1,446 ringgit ($403.9) a ton.

Overall volume stood at 5,284 lots of 25 tons each, down from Tuesday’s 6,283 lots.

Cargo surveyor Societe Generale de Surveillance said on Wednesday 348,719 tons of oil palm products were exported in May 1-10, down 7.1 per cent from the 375,355 tons shipped in April 1-10. Traders had expected higher export figures.

Earlier the government-run Malaysian Palm Oil Board said palm oil stocks at the end of April totalled 1,510,048 tons, down 4.78 per cent from March.

On Tuesday Chicago Board of Trade soyaoil futures firmed, with May soyaoil rising 0.17 cents per lb to 24.70 cents and July 0.16 to 25.08 cents.

In Wednesday’s electronic trading, July soyaoil rose a further 0.20 cents to 25.28.

In the central region, sellers were offering 1,425 ringgit against bids of 1,420. Deals were reported at 1,417.50 to 1,422.50.—Reuters