With the following example, the figure is placed a little lower than the
first text line. The top of the figure is at about the middle of the first
line. Is there a way to move-up the figure slightly to align it with the
top of the text line?

\useMPlibrary[dum]

\starttext

\startplacefigure
  [number=no,
   location=right]
  \externalfigure[dummy]
\stopplacefigure

\samplefile{tufte}

\stoptext