KUALA LUMPUR, April 13: Malaysian crude palm oil futures closed lower on Thursday as dealers finished short covering and took a breather after US soyaoil gave up some of its strong gains this week.

The benchmark third-month, June contract, on the Bursa Malaysia Derivatives ended the day down eight ringgit at 1,452 ringgit ($396) a ton.

Other traded months were down between five and 21 ringgit.

Overall volume stood at 3,716 lots of 25 tons each, about what changes hands in a single busy session in the market.

Dealers said the market was waiting for directions, and might not pick up significantly until after cargo surveyors announce exports estimates for the April 1-15.

The market is consolidating at the same level, said one trader, explaining why trade had been slow.

With the Good Friday holiday coming up, many European markets will be closing, so no major movement is seen. Also people are waiting to see how the ringgit will move. And when the market returns, we have these ten days’ export movement figures.

Chicago Board of Trade (CBOT) soyaoil futures closed lower on Wednesday, with May settling down 0.32 cent per lb at 22.64 cents.

In physicals, April crude palm oil was offered at 1,425 ringgit a ton in both central and southern regions, against bids of 1,420 ringgit. Trades were done in the range of 1415 to 1420 ringgit.

May crude palm oil was offered at 1,440 ringgit against bids of 1435 for both central and southern regions, with trades reported in the range from 1430 to 1435 ringgit. —Reuters