KUALA LUMPUR, June 13: Malaysian crude palm oil futures closed lower on Thursday in heavy trade as players liquidated long positions after declines in Chicago and ahead of the June 1-15 exports data due next week.

Traders said the market was still overbought and could fall further on Friday, with news that India had raised the base import prices of palm oils likely to encourage more selling.

We expect a bit more downside as the market is still in an overbought position.

The Indian news will be a good excuse for players to sell, said a Kuala Lumpur trader.

The benchmark August contract ended down 43 ringgit at 1,394 ringgit ($366.84) a ton after trading as low as 1,384 ringgit.

Traders pegged next support at 1,350 ringgit and resistance at 1,400.

Volume soared to a record 7,678 lots, up from Wednesday’s 3,335 lots.

It increased the base import price of crude palm oil to $392 from $344 a ton.

The base import price of refined, bleached and deodorised (RBD) palm oil has been hiked to $414 from $365 a ton, and that of RBD palm olein to $426 from $375 per ton.—Reuters