KUALA LUMPUR, Feb 15: Malaysian crude palm oil futures rose 1.1 per cent on Thursday, despite a weaker US soyoil market, as players covered positions ahead of the Lunar New Year holiday and export data boosted sentiment.

The benchmark third-month April contract on the Bursa Malaysia Derivatives exchange ended up 21 ringgit at 1,928 ringgit ($552) a ton.

These gains came on top of a 1.2 per cent increase on Wednesday. But the third-month contract is off eight-year high of 2,062 ringgit reached in December when floods disrupted deliveries.

A long weekend is coming and people want to cover their positions before that, said a dealer. The market is not reacting to soyaoil. Other contracts were up between 10 and 20 ringgit. Overall volumes stood at 10,169 lots of 25 tons each.

Malaysian palm oil market will be closed on Monday and Tuesday to mark the Lunar New Year. Exports of Malaysian palm oil products for February 1-15 rose 8.2 per cent to 499,140 tons from 461,165 tons shipped between January 1 and 15, cargo surveyor Intertek Testing Services said. Today's exports data is market friendly, it shows that overseas demand is picking up, a trader said.

Another surveyor, Societe Generale de Surveillance, said exports during the peiod jumped 8.6 per cent to 512,632 tons from 472,181 tons shipped during the first half of January.

Soyabean futures on the Chicago Board of Trade closed lower on Wednesday after a volatile session. Prices tumbled on weakness in crude oil and profit-taking after making contract highs early.

Malaysian palm oil usually follows the US soyaoil market because both commodities are used in products ranging from food and cosmetics to biodiesel.

March soyaoil closed 0.33 cent lower at 29.68 cents per lb, with the deferred months 0.24 to 0.32 cent weaker.

In Malaysia's physical market, crude palm oil for February shipment was quoted at 1,935/1,940 ringgit per ton. Trades were done between 1,930 and 1,935 ringgit a ton.—Reuters