KUALA LUMPUR, Aug 9: Malaysian crude palm oil futures closed higher for the third straight day on Wednesday, fuelled by robust exports and firm crude oil prices.

Traders said the market ignored a sharp decline in prices of soyaoil, a commodity it usually tracks as both oils have common uses in products ranging from food and soap to cosmetics and bio diesel.

The market is increasingly becoming sensitive to crude oil prices because of bio fuel plans, said one dealer. Exports are doing very well and we expect good sales data for the first 10 days. Cargo surveyors Societe Generale de Surveillance (SGS) and Intertek Testing Services are due to release August 1-10 export data on Thursday.

The benchmark third-month October contract on the Bursa Malaysia Derivatives ended up 18 ringgit at 1,677 ringgit ($458) a ton. The gains followed a 2.5 per cent increase in prices on Tuesday.

Other contracts rose between four and 27 ringgit a ton. Overall volumes stood at 14,262 lots of 25 tons each.

Oil prices climbed near $77 on Wednesday ahead of weekly inventory data which is expected to show falling fuel stocks in the United States.August down 0.12 at 26.04 cents per lb. In the physical market, crude palm oil for August shipment saw sellers at 1,645 ringgit a ton and bids at 1,640. Trades were done between 1,645 and 1,650 ringgit a ton.—Reuters