KUALA LUMPUR, Oct 12: Malaysian crude palm oil futures climbed nearly 2 per cent on Friday as strengthening soybean oil and crude markets spurred players to take positions ahead of the long weekend.

The market, which is just 1.2 per cent shy of historic highs, is awaiting palm oil export estimates for the first half of October to be unveiled by cargo surveyors on Tuesday.

Other traded months rose between 20 and 69 ringgit.

Overall volume stood at 14,785 lots of 25 tons each.

Chicago Board of Trade soyabean futures rallied on Thursday, with most of the 2008 contracts busting through $10 a bushel, supported by strength in soyaoil and wheat.

Oil surged over 2 per cent on Thursday, approaching its record high after a surprise decline in US inventories stoked concerns about supplies in the world’s top consumer ahead of winter.

The drop helped push US oil futures up $1.78 to settle at $83.08 a barrel. US oil had traded up to $83.76 earlier, near the all-time high of $83.90 struck on Sept. 20.

The crude oil market often lends support to vegetable oils, including palm and soyabean, because of their growing use in making biodiesel, which competes with petroleum diesel.

Exports of Malaysian palm oil products for Oct. 1-10 rose 11.9 per cent to 462,292 tons, from 413,299 tons shipped between Sept. 1 and 10, cargo surveyor Intertek Testing Services said on Wednesday.

In Malaysia’s physical market, crude palm oil for October shipment in the southern region was quoted at 2,810/2,820 ringgit a ton.—Reuters