KUALA LUMPUR, Dec 31: Malaysian crude palm oil futures fell more than 2 per cent on Monday as players booked profits at the end of the year after strong gains lifted the market to record highs last week.

But rising exports and firm crude oil prices limited losses in the palm oil market, which has gained more than 4 per cent this month.

The benchmark March contract on the Bursa Malaysia Derivatives Exchange finished down 75 ringgit at 3,050 ringgit ($923) per ton after hitting an intraday low of 3,047 ringgit.

Palm oil, used in products ranging from cosmetics and confectionaries to biodiesel, hit a new high of 3,150 ringgit on Thursday, on concerns over global supplies from South America and Asia and surging demand.

Palm oil prices have risen close to 53 per cent this year, while soy oil prices have surged around 66 per cent.

Other traded months fell between 5 and 89 ringgit on Monday. Overall trade stood at 10,295 lots of 25 tons each.

Traders said an increase in Malaysian palm oil exports came as a surprise as buying for the tropical oil is usually lower in December.

Exports of Malaysian palm oil products in December rose 10.8 per cent to 1,428,772 tons from 1,289,182 tons shipped in November, cargo surveyor Intertek Testing Services said.

Another cargo surveyor, Societe Generale de Surveillance, said exports during the month rose 13.9 per cent to 1,443,850 tons.

Vegetable oils, such as palm and soy oil, often track crude oil prices because of growing use of edible oils in the making of biofuels, which compete with petroleum.

In the Malaysian physical market, crude palm oil for January and February shipments in the southern region was quoted at 3,090/3,130 ringgit a ton. Trades were done between 3,110-3,130 ringgit per ton.—Reuters