KUALA LUMPUR, June 15: Malaysian crude palm oil futures ended 2.4 per cent higher on Friday on the back of gains in the US soyabean oil market and firm crude oil prices.

Traders said news of the Indonesian government's decision to raise crude palm oil export taxes, which came after the close of play, could further lift the market.

The benchmark third-month August contract on the Bursa Malaysia Derivatives Exchange settled up 57 ringgit, or 2.4 per cent, to 2,425 ringgit ($701) a ton, after hitting an intraday high of 2,441 ringgit.

The market is building up slowly on external influences such as strong crude oil and US soyaoil, said a leading trader.

As crude pushes above $70, palm oil becomes attractive again for biodiesel. Other traded months rose between 56 and 90 ringgit. Overall trade rose to 16,095 lots of 25 tons each compared with 12,000 lots that change hands on a routine day.

September palm oil on Singapore's Joint Asian Derivatives Exchange was up $33.20 to $706.00 a ton in dull trade.

Palm oil has lost close to 14 per cent since touching a peak of 2,764 ringgit last week on strong demand and a squeeze in supplies.

Exports of Malaysian palm oil products for June 1-15 fell 21 per cent to 504,501 tons from 637,090 tons shipped between May 1 and 15, cargo surveyor Intertek Testing Services said on Friday.

July soyaoil closed 0.29 cent higher at 35.16 cents per lb, with the deferred months up 0.24 to 0.30 cent.

In electronic trading during Asian hours on Friday, the July contract was up 1.11 per cent at 35.55 cents a lb by 1049 GMT.—Reuters