KUALA LUMPUR, Nov 14: Malaysian crude palm futures ended higher on Wednesday as gains in soyaoil and crude oil markets supported prices.

But fears that global demand would be dented by red hot palm oil prices, which struck a record high of 3,013 ringgit per ton last week, weighed on the market.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange settled up 10 ringgit at 2,934 ringgit ($877) a ton.

Palm oil’s sensitivity to crude and soyaoil prices still holds sway over most factors but if demand is going to dry up because of the high prices, this will be the best reason to take profit, said a trader with a local brokerage.

Other traded months edged higher while the spot month was unchanged.Overall trade fell to stand at 8,287 lots of 25 tons each from 12,000 lots that change hands on a routine day.

Cargo surveyors Intertek Testing Services (ITS) and Societe Generale de Surveillance (SGS) will unveil export data for the first half of November on Thursday.

High prices of the commodity, which are still up 47 per cent this year, have already led to reports of dismal export figures.

SGS said on Monday that exports of palm products for Nov 1-10 fell 11.4 per cent to 429,643 tons from 484,670 tons shipped between Oct. 1 and 10.

Palm oil and soyaoil usually track movements in the crude oil market because of growing demand for both commodities as feedstock for biodiesel.

Malaysia’s crude palm oil output fell 1.39 per cent to 1,579,809 tons in October from a revised 1,602,065 tons a month earlier, official crop agency Malaysian Palm Oil Board said on Monday.

In Malaysia’s physical market, crude palm oil for November shipment in the southern region was quoted at 2,920/2,930 ringgit a ton. Trades were done between 2,930 and 2,950 ringgit.

—Reuters