KUALA LUMPUR, Nov 13: Malaysia’s crude palm oil market tumbled after a choppy session on Wednesday, bracing itself for another bearish exports data later this week and sagging demand, traders said.

By the close, the benchmark third-month January futures contract fell 40 ringgit to 1,550 ringgit ($407.89) a ton after trading as high as 1,578 ringgit. The contract had touched a low of 1,548 ringgit. Overall volume was heavy at 5,549 ringgit.

The market is making a decent correction. I think it’s going to test the 1,500 ringgit support level this week, said one trader.

Palm oil prices have become to expensive for someone to buy. It’s reflected in the November 1-10 exports figures.

On the physical market, crude palm oil for November saw bids at 1,555 ringgit a ton against sellers’ offers of 1,565 ringgit for southern and central regions.

Deals were reported at 1,565 to 1,570 ringgit a ton for both regions.

December crude palm oil was offered at 1,570 ringgit against bids of 1,560 ringgit for south. Deals were reported at 1,560 to 1,560 ringgit for south.—Reuters