02/01/2018 (The Edge Markets MY) - KUALA LUMPUR (Jan 2): Malaysian palm oil futures rose more than 1% on Tuesday evening, tracking related edible oils and supported by improving export demand.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.2% to 2,532 ringgit (US$630.16) a tonne at the end of the trading day.

It earlier hit 2,548 ringgit, its highest since Dec 18.

Trading volumes stood at 29,942 lots of 25 tonnes each at the close of trade.

"Hefty gains in Dalian and soybean oil may lend support and uplift palm futures market sentiment," one Kuala Lumpur-based trader said, referring to overnight soyoil on the Chicago Board of Trade and related edible oils on China's Dalian Commodity Exchange.

The market is also reacting to strong exports, said another trader in Kuala Lumpur.

Palm oil shipments from Malaysia, the world's second-largest producer behind Indonesia, gained 6.7% month on month in December on stronger demand from Europe and India, according to data from cargo surveyor Intertek Testing Services (ITS).

Another cargo surveyor, Societe Generale de Surveillance, reported a 9.8% gain in exports for the same period.

The market is also forecasting gains in demand from key consumer China, as it stocks up ahead of the Lunar New Year celebrations, when palm oil consumption is higher for cooking purposes.

In related oils, the March soybean oil contract on the Chicago Board of Trade saw strong overnight gains of 1.7% on Friday, before closing for public holidays.

U.S. markets were closed on Monday for the New Year's Day holiday. Trade in CBOT grains resumes on Tuesday at 0830 CST (1430 GMT).

The May soybean oil on the Dalian Commodity Exchange rose 2%, while the Dalian January palm oil contract was up 1.8%.

Palm oil prices track the performances of other edible oils that compete in the global vegetable oils market.

 Palm, soy and crude oil prices as of 1052 GMT

Contract                         Month     Last       Change      Low         High      Volume

MY PALM OIL                JAN8      2469      +28.00       2466        2481       97

MY PALM OIL                FEB8      2510      +28.00       2503        2523       2422

MY PALM OIL                MAR8     2532      +29.00       2526        2548       17405

CHINA PALM OLEIN      MAY8     5326      +96.00       5242        5334       275198

CHINA SOYOIL              MAY8    5780       +112.00     5686        5798       277724

CBOT SOY OIL              MAR8    33.26      +0.00         0               0              0

INDIA PALM OIL            JAN8      561.30    +5.20         560.60    562.9      728

INDIA SOYOIL                JAN8     728.4      +1.10        727.6       730        10540

NYMEX CRUDE             FEB8     60.33      -0.09         60.13       60.74     104198

Palm oil prices in Malaysian ringgit per tonne

CBOT soy oil in U.S. cents per pound

Dalian soy oil and RBD palm olein in Chinese yuan per tonne

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

(US$1 = 4.0180 ringgit)

(US$1 = 63.4650 Indian rupees)

(US$1 = 6.4900 Chinese yuan)