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Malaysian crude palm oil futures extended gains on Friday, rising almost 1 percent, as strengthening crude oil and firm demand boosted prices after the market hit record highs.
But the palm oil market, which has risen close to 7 percent this month, lost some of the gains on year-end profit taking.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange ended up 28 ringgit at 3,125 ringgit ($943) per tonne after hitting an intraday high of 3,141 ringgit.
"Vegetable oils can't ignore crude oil and even soybean oil has risen," said one trader with a domestic brokerage.
"But it has gone up fast and people are in a mood to sell," another trader said.
Palm oil, used in products ranging from cosmetics and confectioneries to biodiesel, hit a new high of 3,150 ringgit on Thursday, as concerns over global supplies from South America and Asia combined with surging demand.
Other traded months rose between 18 and 37 ringgit. Overall trade fell to 6,111 lots of 25 tonnes each, compared to around 10,000 lots that change hands on a routine day.
Palm oil prices have risen more than 57 percent so far this year, while soy oil prices have surged close to 68 percent.
Dealers said the market awaited December palm oil export estimates to be released by cargo surveyors on Monday.
In the Malaysian physical market, crude palm oil for January and February shipments in the southern region was quoted at 3,120/3,140 ringgit a tonne. There were no trades reported in the evening session.
Oil rose for a fifth day to near $97 a barrel on Friday, within sight of its record high after US crude stocks fell more sharply than expected, and geopolitical tensions mounted in Pakistan and northern Iraq.
Vegetable oils, such as palm and soybean oil, often track crude oil prices because of growing use of edible oils in the making of biofuels, which compete with petroleum.

Copyright Reuters, 2007

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