KUALA LUMPUR, Dec 17: Malaysian crude palm oil futures rose 1.5 per cent on Monday as robust export numbers from cargo surveyors lifted the market amid worries that rain and floods had affected harvest and transport activities.

The benchmark March contract on the Bursa Malaysia Derivatives Exchange finished up 45 ringgit, or 1.5 per cent, at 2,975 ringgit ($891) a ton.

The big story now is whether palm oil supplies can make it through the rain and floods to reach buyers and there is good demand out there as seen with export data,” said a senior dealer with a commodities trading firm.

Other traded months rose between 30 and 41 ringgit.

Overall trade stood at 6,190 lots of 25 tons each.

Exports of Malaysian palm oil products for December 1-15 rose 5.9 per cent to 728,067 tons from 687,539 tons shipped between November 1 and 15, cargo surveyor Intertek Testing Services said on Saturday.

Another cargo surveyor, Societe Generale de Surveillance, said exports during the period rose 11.5 per cent to 747,834 tons.

For the time being, palm oil has turned its back on the crude oil market because it doesn’t seem to go above or below $91 a barrel, said an analyst with a local brokerage firm.

Demand and supply issues are more important.

Crude markets have had a growing influence on palm oil and soyaoil prices because of the use of edible oils to produce biofuels, which compete with petroleum diesel.

In Malaysia’s physical market, crude palm oil for December shipment in the southern region was quoted at 2,960/2,970 ringgit a ton. Trades were done between 2,950 and 2,960 ringgit.

—Reuters