KUALA LUMPUR, Nov 15: Malaysian crude palm oil futures ignored market-friendly export figures and extended losses on Thursday on a technical correction, traders said.

At the close, benchmark third-month January ended down 45 ringgit at 1,106 ringgit ($291.05). The contract had touched a low of 1,094 ringgit after breaking the 1,100 support level.

Volume was heavy at 3,249 lots.

I think our market will fall further if the CBOT goes down tonight. There’s a possibility the market will trade below 1,100 ringgit, said one technical analyst.

The market has factored in all the bullish news, such as anticipation that exports will reach one million tons in November. It is in need of fresh leads to guide it, she said.

Earlier, cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said Malaysia’s palm oil exports stood at 593,084 tons in the first 15 days of November, up from 443,614 tons for the first 15 days of October.

Trading was subdued at the physical sector following Wednesday’s holiday, when the market was closed for the Diwali Hindu festival of lights.

The November contract for the southern and central regions was bid/asked at 1,075/1,085 ringgit a ton.

Trade was reported at 1,080 to 1,085 for central.

The December contract for southern and central regions was bid/asked at 1,085/1,095. Deals were reported at 1,090 ringgit for central.—Reuters