Malaysian crude palm oil futures jumped 3.7 percent on Monday, lifted by gains in rival US soyaoil. A firmer physical crude palm oil market amid active refiner covering also boosted futures prices, traders said. The benchmark third-month crude palm oil futures on Bursar Malaysia Derivatives, May, ended up 51 ringgit at 1,439 ringgit ($378.68) a tonne. Other traded contracts were up 42 to 50 ringgit. Overall volume was a heavy 8,384 lots of 25 tonnes, up from Friday's 2,530 lots.
"People are buying up in anticipation of further rises in soyabean because of concerns about South American crop due to the dry weather," said a trader, pegging immediate resistance at 1,450 ringgit.
Chicago Board of Trade (CBOT) soyaoil futures rose on Friday, with March closing 0.27 cent higher at 23.12 cents per lb. The March contract extended its gain during Asian trading on Monday, rising another 0.23 cent to 23.35 cents per lb.
Soyaoil and palm oil compete for similar export destinations and their prices often move in step.
In the physical crude palm oil market, March saw bids/offers at 1,430/1,435 ringgit a tonne in Malaysia's southern and central regions, against on Friday's close of 1,390/1,400.
Trades were reported at 1,405-1,430 ringgit in both regions.
PALM OIL FUTURES:
March (south): 1435.
Open/High/Low: 1400/1440/1395.
Previous closes: 1400.
PALM OIL PHYSICALS: May (3rd month): 1439.
Previous settlement: 1388.
FUTURES:
Benchmark third-month May up 51 ringgit at 1,439 ringgit ($378.68) a tonne.
PHYSICALS: March offers up 35 ringgit a tonne.
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