KUALA LUMPUR, Jan 24: Malaysian crude palm oil futures gained 3.1 per cent on Thursday after a rebound in soyaoil and crude prices lured investors back into the market, but fears of weaker exports kept them wary.

Palm oil futures have clawed back up more than 5 per cent this year after sinking to three-week lows on Wednesday. Prices have see-sawed since reaching the all-time high of 3,420 ringgit last week.

The benchmark April contract on the Bursa Malaysia Derivatives Exchange settled up 96 ringgit to 3,211 ringgit ($982) per ton, after falling as much as 70 ringgit to 3,045 ringgit a ton in morning trade.

Equity markets have somewhat stabilised, allowing for a flow of funds back into crude and soyaoil markets. Palm oil is an immediate beneficiary, said a senior trader with a foreign brokerage in the Malaysian capital.

He added: Weak exports are still at the back of the mind of many because there is talk that total January exports will fall below 1 million tons. Other traded months rose between 20 and 114 ringgit. Overall trade was 31,056 lots of 25 tons each, triple the 10,000 lots that change hands on a routine day.

Investors poured back into equities on Thursday, hoping a rescue plan for ailing bond issuers would stem credit losses.

Traders said demand for palm oil will dry up further in January and expect bearish Jan. 1-25 export numbers, due to be released on Friday by cargo surveyors.

The question is whether the palm oil market is really going to take its cues from tomorrow's export numbers because the movements in global commodity and equity markets may be more important, said an analyst with a local commodities trading firm.

In Malaysia's physical market, crude palm oil for January and February shipments in the southern region was quoted at 3,210/3,220 ringgit a ton. Trades were done between 3,180 and 3,210 ringgit.—Reuters