11/03/2008 (Reuters), Kuala Lumpur - Malaysian crude palm oil prices rallied 5 percent on Tuesday, as buyers rushed back into the market after stronger export data and an overnight jump in soyoil and crude oil prices, traders said.

"The export figures yesterday were very good," a dealer said, referring to a 45.5 percent rise in Malaysian palm oil exports during March 1-10. "All anybody has to do is just multiply that number by three and they get quite high exports for the month."

The benchmark May contract on the Bursa Malaysia Derivatives Exchange ended the morning session up 5 percent at 3,859 ringgit per tonne, after tumbling to as low as 3,500 ringgit during Monday's early sell-off.

Palm oil, used for cooking and in products ranging from biscuits to biofuels, is down 14 percent since it hit an historic high of 4,486 ringgit a tonne on March 4.

Another dealer said palm-oil had also been boosted by a jump in soyoil prices overnight in Chicago and another record high for crude oil. Palm oil and soyoil are used to make biodiesel and their prices are now strongly correlated with the crude price.

"There are quite a few things holding the market up," the dealer said. "I think it will hold at around this level."

May soyoil futures were up 1.35 percent at 62.98 U.S. cents per pound.

Crude oil was steady just below a record high on Tuesday as investors hedged against growing inflation and the falling dollar. U.S. light crude for April delivery fell 25 cents to $107.65 a barrel by 0530 GMT, after touching a record $108.21 a barrel in the previous session.