KUALA LUMPUR, Feb 14: Malaysian crude palm oil futures defied weaker prices of rival US soyaoil to stay firm on Tuesday as players bet that falling output and rising exports will sharply cut stocks over the next month.

The benchmark third-month crude palm oil contract on Bursa Malaysia Derivatives, April, jumped 0.7 per cent, or 10 ringgit, to close at 1,477 ringgit ($396.39) a ton — just shy of the day’s high of 1,478.

Other traded contracts closed up one to nine ringgit. Volume was one of the heaviest in weeks, totalling 5,957 lots of 25 tons each.

Dealers said the market was driven by speculation that a strong recovery in exports this month could cut stocks of palm oil to between 1.4 and 1.5 million tons by end-February from the 1.54 million tons seen at end-January.

Cargo surveyors are due to release on Wednesday export estimates of Malaysian palm oil for Feb. 1-15.

In physical trade of crude palm oil, February quotes stood at 1,457.50/1,462.50 ringgit a ton in Malaysia’s southern and central regions. Trades were done at 1,455-1,460 ringgit for both regions.—Reuters