JAKARTA, Oct 30: Malaysian palm futures closed higher on Thursday after crude oil hit $70 a barrel in Asian trade, traders said.

The market also rallied ahead of a government announcementon replanting plans, aimed at helping to boost the palm oil price.

Contracts for other traded months rose between 65 ringgit and 142 ringgit, with overall volume of 15,951 lots of 25 tons each.

The government said the country’s palm oil output is expected to fall by 700,000 tons a year during replanting.

Other government measures include the mandatory use of palm-based biodiesel.

The price has rebounded after hitting $61.30 on Monday, the lowest since early May 2007.Soyabean oil also rallied in Asian trading. The most active December contract rose 0.17 cents, or 0.5 per cent, to 34.50 cents per lb.

In the physical market, Malaysian palm oil for October and

November was 1,575/1,590 ringgit per ton in the southern region and 1,570/1,580 ringgit per ton in the central region.

Trades were done at 1,550-1,585 ringgit per ton in the southern region and 1,540-1,580 ringgit per ton in the central region.

In Jakarta, the state marketing centre said the top price reached for sales of palm oil was 4,243 rupiah per kg, up from 4,100 rupiah per kg on Tuesday. There were no trades on Wednesday.

Meanwhile, producers in Medan — home to Belawan port, Indonesia’s key port for palm oil exports -- sold palm oil at 4,250-4,360 rupiah per kg, up from 4,040 rupiah per kg on Wednesday, tracking Malaysian futures.

In Jakarta, refiners sold refined, bleached deodorised (RBD) palm olein, which is used in cooking oil, at 5,100 rupiah, up from 4,850 rupiah per kg on Wednesday.—Reuters