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Malaysian crude palm oil futures rose 1.7 percent on Monday as gains in rival US soyaoil helped to offset data showing weaker exports in the first 20 days of December. Society General de Surveillance (SGS), the market's main cargo tracker, said on Monday Malaysia's oil palm products exports for December 1-20 stood at 618,444 tonnes, down 18.4 percent from the 757,963 tonnes seen for November 1-20.
"The rise is largely due to strong soyaoil prices," said a trader, referring to the rise in palm oil prices. "Export numbers had been expected to be lower but the drop is less severe than that seen in the first 15 days."
SGS last week estimated exports for the period December 1 to 15 at 472,556 tonnes, down 24 percent from the 618,071 tonnes it cited for November 1 to 15. Bursar Malaysia Derivatives' benchmark third-month crude palm oil futures, March, ended up 24 ringgit at 1,409 ringgit ($370.79) a tonne. Traders said more gains were likely after the contract managed to close above the 1,400-ringgit barrier. Other traded contracts rose 19 to 23 ringgits.
Overall volume was a heavy 6,758 lots. Soyaoil futures on the CBOT, or Chicago Board of Trade, closed higher on Friday, with the key January contract up 0.14 cent at 20.61 cents per lb.
The January contract rose another 0.29 cent to 20.90 cents per lb in Asian trade on Monday.
Soyaoil and palm oil compete for similar export destinations and their prices often move in step.
In physical trade of crude palm oil on Monday, the contract for both December and January received bids at 1,415 ringgit a tonne in Malaysia's southern and central regions, against offers at 1,420 up from Friday's close of 1,395/1,400. Trades were done at 1,405-1,415 ringgit in both regions.
PALM OIL FUTURES:
December (south): 1420
Open/High/Low: 1388/1409/1388
Previous close: 1400
PALM OIL PHYSICALS:
March (third month): 1409
Previous settlement: 1385
FUTURES: Benchmark March up 24 ringgit to 1,409 ringgit ($370.79) a tonne.
PHYSICALS: December offer prices up 20 ringgit a tonne.

Copyright Reuters, 2004

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