JAKARTA, Sept 12: Malaysian crude palm oil futures rose more than 3 percent on Friday lifted by firmer crude oil and soyabean oil prices, and as traders tried to cover their short positions following recent sell-offs, dealers said.

The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchangerose 71 ringgit or 3.07 per cent to 2,380 ringgit a ton. Overall volume reached 15,421 lots of 25 tons.

The price of the reddish-brown oil, which is used for products ranging from soap to biodiesel, has fallen 21.97 per cent so far this year, due to the combination of abundant supplies of vegetable oils and a faltering crude oil price.

Contracts of other traded months rose between 54 ringgit and 94 ringgit.

It is basically short-covering on heavily oversold markets. At the same time, crude oil and soybean oil crept up on electronic trade, boosting sentiment, said a trader with a local brokerage.

Most active December soyabean contracts at the Chicago Board of Trade rose 0.81 cents to 48.43 cents per lb during Asian trade on Friday.

In the Malaysian physical market, palm oils for September stood at 2,400/2,410 ringgit a ton on the south region and at 2,390/2,405 ringgit in the central region.

Trades were done at 2,340/2,3400 ringgit a ton in the south region and 2,330/2,400 ringgit a ton in the central region.

The state marketing centre in Jakarta sold crude palm oil at 6,153 rupiah a kg, up slightly from 6,128 rupiah a kg the previous day.

In Jakarta, refineries sold refined, bleached, deodorised (RBD) palm olein, which is used in cooking oil, at 6,665 rupiah a kg compared to 6,700 rupiah a kg on Thursday.

—Reuters