KUALA LUMPUR, Aug 15: Malaysia’s palm oil futures ended slightly higher on Thursday, but off their afternoon highs after players factored in the August 1-15 exports data, traders said.

The benchmark third-month October contract rose 14 ringgit to 1,498 ringgit ($394.21) a ton after touching a high of 1,503 ringgit.

Volume was heavy at 4,416 lots. Cargo surveyor Societe Generale de Surveillance (SGS) said Malaysian palm oil exports for August 1-15 stood at 454,567 tons, up from 366,413 tons for July 1-15.

The number was slightly above market expectations of 450,000 tons.

The estimates included 43,940 tons of RBD palm oil, 217,646 tons of RBD palm olein, 37,130 tons of RBD palm stearin and 45,500 tons of crude palm oil, SGS said in a statement.

We sold a few thousands of olein to China this afternoon at $435-$436, just below the offer prices of $440. I haven’t heard anything about India yet, but I am sure it has bought some olein because the drought there, he said.

In the physical market, August/September crude palm oil for the southern and central zones saw bids at 1,505 ringgit a ton against sale offers at 1,510 ringgit. Trades were reported at 1,495 to 1,505 ringgit for both sides.—Reuters