KUALA LUMPUR, Dec 30: Malaysian palm oil extended its losses at Monday’s close on profit-taking ahead of the year end and liquidation sparked by a drop in prices of rival soyoil.

But traders said there was still chance for the market to end 2002 on an upbeat note as export estimates for Dec due on Tuesday were expected to be higher than figures seen in November.

At the close, the benchmark third-month March futures was 14 ringgit down at the day’s low of 1,676 ringgit ($441.05) a ton.

Volume was at 3,093 lots, the virtually the same on Friday.

Dealers said support for the March contract had slipped to 1,675 — from 1,680 previously — and upside was capped at 1,695.

Trade for January south was reported at 1,700-1,695 while business for Jan central was reported at 1,700-1,690.—Reuters