KUALA LUMPUR, Aug 9: Malaysian crude palm oil futures ended 1.4 per cent higher on Thursday, bouyed by robust prices of rival soyabean oil, traders said. Palm oil players were caught between soyaoil's overnight gains at the Chicago Board of Trade and fears that a seasonal uptick in palm oil output could swamp rising demand, a factor which prevented gains to break 2,550 ringgit resistence level.

The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled up 35 ringgit, or 1.4 per cent, at 2,535 ringgit ($731) per ton.

Soyabean oil prices were strong in anticipation of bullish USDA data and this has helped to pull up the palm oil market, said one trader.

Players are also waiting for tomorrow's data but there is talk that production has grown by 15 per cent in July, which is quite worrying. Other traded months rose between 26 and 40 ringgit in overall trade of 10,851 lots of 25 tons each.

July exports, stocks and output numbers will be released by the Malaysian Palm Oil Board on Friday and cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release export data for August 1-10 on the same day.

Singapore's Joint Asian Derivatives Exchange was closed on Thursday for a national holiday.

In the physical market, crude palm oil for August shipment in Malaysia's southern region was quoted at 2,570/2,575 ringgit a ton. Deals were done at 2,570 and 2,575 ringgit.—Reuters