KUALA LUMPUR, Oct 30: Malaysian crude palm oil futures fell 1.6 per cent on Tuesday, retreating from a record high as soyaoil and crude oil prices eased, encouraging players to cash in profits.

Traders said the market awaited palm oil export data for October, due to be unveiled by cargo surveyors on Wednesday, to gauge the demand for the commodity.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange settled down 48 ringgit at 2,862 ringgit ($857) per ton, after going as low as 2,841 ringgit.

Palm oil, which struck its fourth record high at 2,920 ringgit the previous day, has been driven by bullish soyaoil and crude markets, moves by rival producer Indonesia to raise export taxes and talk of China slashing import duties for vegetable oils. Other traded months fell between 58 and 89 ringgit.

Overall volume stood at 12,081 lots of 25 tons each.

The contract closed up 0.82 cents at 42.20 cents per pound the previous day following a rally in crude oil and gold markets and a plunging dollar.

Also, from October to February, production is going to seasonally low, said another dealer.

Malaysian palm oil stocks are expected to fall 2.4 per cent in October from a month earlier due to declining production, a Reuters poll showed on Tuesday.

The poll also showed exports are expected to slip 2.5 per cent to 1.36 million tons in October. In Malaysia’s physical market, crude palm oil for November shipment in the southern region was quoted at 2,930/2,940 ringgit a ton. Trades were done between 2,930 and 2,940 ringgit.—Reuters