February 24, 2007	Saturday	Safar 6, 1428

BANGKOK, Feb 23: Malaysian crude palm oil futures ended higher on Friday, tracking rises of other commodities in thin trade with investors reluctant to take positions before export figures are released next week.

The benchmark third-month May contract on the Bursa Malaysia Derivatives exchange settled at 1,951 ringgit ($558) per ton, up 7 ringgit from Thursday's close.

Other contracts were up between 9 and 12 ringgit with overall volume at 8,126 lots.

Prices broke the key resistance of 1,950 ringgit and I think they should go up further next week, a Malaysian trader said.

Trading should be more active next week when Chinese traders get back to work after a week-long Lunar New Year holiday and prices were expected to challenge the next resistance at 1,980 ringgit, dealers said.

Firm oil prices helped several commodities futures to rise on Friday. US crude oil futures eased, but remained near $61 a barrel, getting support from US data showing a big fall in distillate and gasoline stocks last week.

Crude oil prices often lend support to palm oil, which is used as alternative source of energy.

However, the Malaysian palm oil market was cautious with players reluctant to take positions ahead of Feb. 1-25 export figures due to be released by surveyors Intertek Testing Services and Societe Generale de Surceilliance on Monday, traders said.

In the physical market, palm oil for March shipment was quoted at 1,930/1,935 ringgit per ton. Trades were done at around 1,930 ringgit per ton.—Reuters