KUALA LUMPUR, Feb 6: Malaysian crude palm oil futures closed higher on Monday, chasing firmer prices of rival US soyaoil. The benchmark third-month crude palm oil on Bursa Malaysia Derivatives, April, ended up 13 ringgit at 1,451 ringgit ($387.97) a ton, the day’s high.

Other traded contracts settled 3 to 13 ringgit higher.

Volume totalled 4,717 lots of 25 tons each, up from Friday’s 4,344 lots but below the 6,000 lots typically seen on a busy day.

We’re expecting a lot of short-covering at above that level, said a trader.

March soyaoil on the Chicago Board of Trade rose 0.71 cent at Friday’s close to 22.66 cents per lb. It was up another 0.37 cent in Monday’s e-CBOT session, conducted during Asian hours.

Soyaoil and palm oil compete for similar export destinations and their prices often move in step.

In physical trade of crude palm oil, February quotes stood at 1,430/1,435 ringgit a ton in Malaysia’s southern and central regions. Trades were reported at 1,425-1,430 ringgit for both regions.—Reuters