BANGKOK, March 12: Malaysian palm oil futures ended higher on Monday despite poor export figures as players covered short positions on expectations prices would rise. The benchmark third-month May contract on the BursaMalaysia Derivatives Exchange settled at 1,972 ringgit ($563) per ton, up 9 ringgit from Friday's close.

Overall volume was 4,966 lots, rising from a miniscule 410 in the morning session as short-covering set in, dealers said.

Exports of Malaysian palm oil products for March 1-10 fell 24.6 per cent to 288,038 tonnes from 382,170 tons shipped between February 1 and 10, cargo surveyor Societe Generale de Surveillance said.

Exports are very slow, but the market is higher because of the expectation of bullish talk on price outlook in the conference, one dealer said.

Bursa Malaysia is holding an annual conference from March 12 to 14 at which industry gurus such as Dorab Mistry, James Fry and Thomas Mielke will offer their views and forecast prices.

On Tuesday, they are talking about price outlook and most players expect them to insist that palm oil is in a bullish trend, another Malaysian trader said.

In Malaysia's physical market, crude palm oil for March shipment from the southern region was quoted at 1,970/1,975 ringgit per ton.—Reuters