16/03/2012 (Business Recorder) - Malaysian crude palm oil futures edged up to another nine-month high on Thursday, as strong export numbers painted a rosy demand outlook for the edible oil and as soybean supply fears in South America supported prices.

An improvement in Malaysian exports for the first 15 days of March has helped palm oil extend its gains to 7.2 percent this year, while positive news such as the Greek debt swap deal and improving US retail sales have also lifted sentiment.

"Generally external markets have been quite strong and news on the external front has been quite positive.

Soybean prices are also in an uptrend, lifted partly by improving confidence in the global economy," said Ivy Ng, an analyst at Malaysia's CIMB Investment Bank.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange rose 0.5 percent to close at 3,403 ringgit ($1,114) per tonne.

Prices touched a new peak of 3,415 ringgit, a level not seen since last June.

Traded volumes on Thursday stood at 23,594 lots of 25 tonnes each, slightly less than the usual 25,000 lots.

On the technicals front, Reuters market analyst Wang Tao said palm oil faces resistance at 3,398 ringgit per tonne, a break above which would open the way towards 3,440 ringgit.

Cargo surveyor Intertek Testing Services reported a 37 percent month-on-month increase in Malaysian exports for the first 15 days of March to 697,804 tonnes, pointing to brightening demand prospects.

Another cargo surveyor, Societe Generale de Surveillance, reported a higher 42 percent jump in exports for the same period to 701,536 tonnes.

In other vegetable oil markets, the most active US soyoil contract for May delivery inched up 0.7 percent on concerns over the South American drought hurting soy crops.

The most active September 2012 soyoil contract on China's Dalian Commodity exchange lost 0.1 percent.