KUALA LUMPUR, June 17: Malaysian crude palm oil futures closed off highs on Monday after bullish exports data for June 1-15 had boosted prices earlier.

The new third-month contract ended up one ringgit at 1,454 ringgit ($382.63) a ton after trading as high as 1,485 ringgit.

Trading remained active with 5,041 lots traded, down from Friday’s 5,339 lots.

There was heavy profit-taking in the afternoon, but that was expected after the sharp gains, said a Kuala Lumpur trader.

It’s a healthy correction. We are still positive about the market despite the setback, the trader added.

Traders said the uptrend remains intact, adding that the market could soon make another attempt to breach the 1,500 ringgit psychological barrier.

The third-month futures contract hit a three-year high of 1,498 ringgit earlier this month.

Traders said another good export performance this month would further draw down domestic stocks and support prices.

Malaysia’s palm oil stocks stood at 929,472 tons at the end of May, down from 1.06 million a month earlier and 1.21 million at end-2001.

Cargo surveyor Societe Generale de Surveillance (SGS) on Monday estimated Malaysian palm oil exports for the first 15 days of June at 431,106 tons, up from 389,616 tons for May 1-15.

India was the biggest buyer for June 1-15, taking 93,786 tons, followed by China, which bought 91,668 tons, it said.

In the physical market, the June/July contract for the southern and central regions saw closing bids at 1,470 ringgit a ton, against sale offers at 1,480 ringgit.

Trades were reported at between 1,470 and 1,490 ringgit for June.—Reuters