KUALA LUMPUR, March 11: Malaysian crude palm oil futures closed lower on Monday, extending last week’s losses despite better exports data.

Traders said a bearish market forecast by a leading Indian trader and news China has temporarily relaxed its rules on bio-engineered food imports, which could restrict China’s palm oil intake, weighed on prices.

Dorab Mistry, director of Godrej International Ltd, said last week Malaysia’s palm oil futures would trade within a range of 900 to 1,200 ringgit ($237-$316) a ton this year with a high global soy crop and lower Indian imports capping prices.

The benchmark third-month May futures ended down 11 ringgit at 1,154 ringgit a ton.

Cargo surveyor Societe Generale de Surveillance said Malaysian palm oil exports for March 1-10 stood at 302,955 tons, up from 150,277 tons shipped in February 1-10.

In physical palm oil, the March contract for the southern region saw bids at 1,140 ringgit a ton versus offers at 1,145. Trade was reported at 1,145 ringgit.

The central region was quoted at 1,145/1,150 ringgit. The April contract for south and central saw bids at 1,150 ringgit against offers at 1,155. No trades were reported.—Reuters