KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange rose as much as 4.8% Friday as investors covered shorts on improved
exports and spillover support from soyoil prices.

  The benchmark October CPO contract on the Bursa Malaysia Derivatives ended
MYR44 higher at MYR2,189 a metric ton after trading in a MYR2,175-MYR2,248/ton
range.

  Overnight gains in soyoil prices pushed prices higher at the opening as
investors rushed to cover shorts when prices moved above MYR2,200, but they
eased after failing to breach MYR2,250, said a Kuala Lumpur-based trading
executive.

  "Intraday profit-taking emerged...this saw prices easing to cover the
morning's gap in prices."

  August soyoil rose 182 points on the Chicago Board of Trade to settle at
34.93 cents a pound. The August contract was unchanged by the end of trade on
BMD.

  Cargo surveyor Intertek Agri Services estimated Malaysia's July palm oil
exports up 14% on month at 1.40 million tons, within market expectations of a
10%-14% rise in exports.

  Another surveyor, SGS (Malaysia) Bhd., put exports at 1.41 million tons, up
15% on month.

  Higher volumes shipped to China, the Middle East and India offset declines in
exports to Asia, Oceania and the U.S., export data from SGS and Intertek
showed.

  Intertek estimated exports to China rose 37% on month to 450,050 tons. It put
exports to the Middle East up 31% at 141,035.

  SGS estimated exports to India at 113,617 tons, up from 49,710 tons a month
earlier. Shipments to the E.U. rose 45% to 257,577 tons.

  Traders say prices will likely hover between MYR2,150-MYR2,270 in the near
term, with resistance pegged at MYR2,270, then MYR2,300. Immediate support for
prices is at MYR2,175, then MYR2,155.

  In the cash market, cash palm olein for October/November/December shipment
was traded at $670/ton and $675/ton in the morning. August shipment was traded
lower at $690/ton, said a Singapore-based trader.

  Cash CPO for prompt shipment was offered MYR50 higher at MYR2,280/ton.

  The trading volume for CPO futures rose to 20,535 lots from 10,704 lots
Thursday, while open interest fell to 82,346 lots from 83,246 lots. One lot
equals 25 tons.

Closing BMD CPO futures prices in MYR/ton at 1000 GMT:

Month      Close    Previous   Change   High    Low
Aug 09     2,274    2,230      Up 44    2,320   2,274
Sep 09     2,205    2,161      Up 44    2,268   2,205
Oct 09     2,189    2,145      Up 44    2,248   2,175
Nov 09     2,184    2,136      Up 48    2,243   2,171