KUALA LUMPUR, Dec 7: Malaysian crude palm oil futures closed marginally lower on Thursday, as prices of rival soyaoil declined on the Chicago Board of Trade.

Dealers said the market was awaiting comments from Dorab Mistry, a leading palm oil analyst, who is due to speak on Friday at an industry meeting on the sector's outlook.

“The decline was limited as everyone is waiting for comments from Dorab Mistry,” said one dealer. The benchmark February contract on the Bursa Malaysia Derivative exchange finished down 3 ringgit at 1,850 ringgit ($522) per ton.

Most other traded months closed down between one and 28 ringgit. Overall traded volume was 11,880 lots of 25 tons each.

Mistry told Reuters on Thursday that India's 2006-2007 (Nov-Oct) palm oil imports should be sharply higher than the previous year, boosted by an expected duty cut.

Imports are definitely going to be sharply higher, we are expecting a duty cut as the government has put imports of vegetable oil under critical watch, Mistry, director of London-based Godrej International, said on the sidelines of an industry conference in Indonesia's resort island of Bali.

He also said the United States will import up to 30pc more palm oil from Malaysia and Indonesia in 2007, and purchases by European nations are likely to grow by 25pc.—Reuters