KUALA LUMPUR, March 3: Malaysian palm oil futures closed lower on Monday as players unwound positions after India left customs duties on edible oil unchanged in its budget and ahead of a holiday.

The market is closed on Tuesday for the Muslim New Year, reopening on Wednesday.

Talk that the Indian government might announce a cut in the customs duty of crude palm oil to 55pc from 65 per cent, when it unveiled the 2003/04 budget last Friday, had supported the market in recent weeks.

The benchmark third-month May futures contract ended down 14 ringgit at 1,580 ringgit ($415.79) a ton.Overall volume stood at 3,064 lots, down from Friday’s 5,488.

Traders pegged immediate support for the May contract at 1,580 ringgit. Resistance is seen at 1,600 ringgit.

Malaysia’s palm oil exports for February fell to 731,215 tons from 873,901 tons a month earlier, according to data from cargo surveyor SGS.

The central region saw offers at 1,595 ringgit and bids at 1,590. Deals were done at 1,600 to 1,590 ringgit.—Reuters