JAKARTA, Sept 22: Malaysian crude palm oil futures rose more than 3 per cent on Monday as a crude oil rally helped allay fears of slowing demand.

The benchmark December contract finished up 85 ringgit, or 3.76 per cent, at 2,344 ringgit ($744) a ton.

There have been so many factors affecting palm prices, one of which is crude oil. As crude oil rebounds and stays relatively stable at current levels, there will be more demand for palm oil for biofuel, said Ben Santoso, an analyst at DBS Vickers in Singapore.

He said news of falling exports of Malaysian palm oil products from Sept. 1-20 may keep demand concerns in the market for a while, but players were focused on crude oil for now.

Malaysian cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-20 fell 11.14 per cent to 803,882 tons from 904,645 tons shipped between Aug. 1 and 20.

Another survey by cargo surveyor Societe Generale de Surveillance showed exports of Malaysian palm oil products for Sept. 1-20 fell 9.4 per cent to 775,991 tons from 856,806 tons in the same period a month before.

There are 10 remaining days to see how exports perform in September, but it looks likely to be lower, Santoso said.

Contracts of other traded months also rose between 59 ringgit and 111 ringgit. Overall volumes stood at 14,560 lots of 25 tons each.

The export numbers were bad but basically external factors overrode local sentiment today, a trader at a local brokerage said.

Indonesian crude palm oil prices rose on Monday in line with Malaysian palm futures.

The state marketing centre in Jakarta sold crude palm oil at 5,704 rupiah ($0.614) a kg, up from 5,494 rupiah on Friday.

Producers did not hold palm auctions in Medan, North Sumatra -- home to Belawan port, Indonesia’s key port for palm oil exports.

In Jakarta, refineriers offered refined, bleached and deodorised (RBD) palm olein, which is used in cooking oil, at 6,350-6,500 rupiah a kg, up from 6,200-6,250 rupiah a kg on Friday.—Reuters