KUALA LUMPUR, Oct 13: Malaysian crude palm oil futures edged higher in thin trade on Friday, lifted by firm soyaoil prices and a stable crude oil market.

Traders said the market was awaiting export data for the first half of October to be released by cargo surveyors on Monday.

Soyaoil prices rose and crude is also stable. The market might not sustain these levels if crude comes down,” said one dealer.

The benchmark third-month December contract on the Bursa Malaysia Derivatives was up 7 ringgit at 1,567 ringgit a ton ($426) after trading in a range of 1,567 and 1,572 ringgit.

The October soyaoil contract closed up 0.47 cent at 24.62 cents per lb and the December soyaoil contract was up 0.39 cent at 24.89. Palm oil also tracks crude oil prices, driven by rapid growth in the global bio fuel industry based on vegetable oils, which are seen as a cheaper option to fossil fuels.

Exports of Malaysian palm oil rose 35 per cent in the October 1-10 period to 483,583 tons, from 356,717 tons during the same period a month ago, according to cargo surveyors Intertek Testing Services.

Demand from Pakistan and the Gulf region is also expected to taper off when the holy fasting month of Ramazan ends this month. In the physical crude palm oil market, October shipment was quoted at 1,525/1,530 ringgit a ton. Trades were done between 1,510 and 1,525 ringgit a ton.—Reuters