KUALA LUMPUR, March 31: Malaysian crude palm oil futures ended off their highs on Thursday after a rally spurred by soyaoil prices and friendly export numbers was offset by profit-taking.

News that India had amended base import prices for crude palm oil had mininal impact as players figured out the net disadvantage was only about $8 a ton — versus a $100 discount already seen against rival crude soyaoil.

Bursa Malaysia Derivatives’ third-month crude palm oil, June , closed up 8 ringgit, or about half a per cent, at 1,461 ringgit ($384.47) a ton.

It had peaked earlier at 1,475 ringgit after data showing surge in palm oil exports for March.

Societe Generale de Surveillance, a leading surveyor of Malaysian oil palm cargoes, said on Thursday exports for March stood at 1,220,445 tons, up 32 per cent from the 926,959 tons seen for February.

Dealers said a sharp rise in prices of rival US soyaoil also aided the run up.

Soyaoil and palm oil compete for similar export destinations and their prices often move in step.

May soyaoil on the Chicago Board of Trade ended up 0.61 cent a lb at 23.48 cents on Wednesday. It gained an additional 0.19 cent to 23.67 cents a lb in after-hours or Project A trade.

In Malaysia’s physical crude palm oil market, the April contract’s highest bids towards the close was 1,455 ringgit a ton. The lowest offer was 1,460 ringgit.

Trades were reported at 1,465-1,455 ringgit in the southern region and 1,465-1,450 ringgit in the central zone. —Reuters