SINGAPORE, Aug 15: Malaysian crude palm oil futures ended lower on Tuesday, giving up gains earlier in the day, but traders said buoyant demand from Europe and China was likely to support prices this week.

The Malaysian palm oil futures market had gained about 13 rinngit by the midday break but a lack of demand towards the end of the session pulled prices down.

Demand from Europe and China remains strong, said one Kuala Lumpur-based trader, adding that the market would find support around 1,630 ringgit a ton and meet resistance at 1,670.

The price of crude palm oil was reduced to $447 per ton from $481, while the price of crude soybean oil was kept unchanged at $572. The base import price of RBD palm oil was rolled back to $476 from $506.

India fixes base prices to calculate customs duties and prevent any loss of revenue due to under-invoicing by importers.

Traders pay duties on the base value irrespective of the prices paid for the oil. Traders said strong export numbers from Malaysia would support prices in the coming days.

In the physical market in Malaysia, traders said crude palm oil for August shipment was offered at 1,630 ringgit a ton but buyers were keen for deals around 1,625.—Reuters