KUALA LUMPUR, June 30: Malaysian palm oil ended higher after a flurry of eleventh-hour buying lifted a market disappointed with export estimates for June.

Dealers had expected the market’s two cargo surveyors to declare up to 1.3 million tons each for June, given a surge in purchases lately by China and India, the world’s largest edible oils buyers.

Intertek Testing Services, the other surveyor, said June exports stood at 1,098,824 tons, against 1,106,761 for May.

The benchmark third-month palm oil futures contract, September, ended four ringgit up at 1,404 ringgit ($369.47) a ton after touching a low of 1,392.

Volume was at 2,587 lots, half of what is usually seen on a busy day.

In physical trade of crude palm oil (CPO), the July contract for the southern and central regions saw offers at 1,505 ringgit a ton up five ringgit from Friday — against bids at 1,500.

Deals were reported at 1,495-1,500 ringgit for both regions.—Reuters