KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange rose above MYR1,900 a metric ton for the first time in 24 days on
fresh buying and spillover support from soybean oil but eased off on
profit-taking.

  In volatile trade, prices kept moving in both positive and negative territory
and ended almost unchanged.

  The benchmark April contract on the Bursa Malaysia Derivatives ended MYR1
higher at MYR1,880/ton after moving in a range between MYR1,854 and MYR1,908.

  "The rally couldn't be sustained because some investors liquidated
positions," said a Singapore-based trader.

  He said fundamentals are still intact, which helped prices bounce back.

  "Some traders are holding on to their positions while others are squaring off
ahead of the holidays before buying again," said a Malaysia-based exporter.

  BMD is closed Monday for a public holiday.

  Traders said prices are facing resistance at MYR1,900, but this may be broken
if Malaysia's end-January inventories and monthly output are estimated
significantly lower on month.

  The Malaysian Palm Oil Board has put off its monthly data release by one day
and it will now be available Wednesday.

  Tuesday, cargo surveyors will issue data on Malaysia's palm oil exports
during the Feb. 1-10 period.

  Traders said shipments in the first few days of this month indicate that the
numbers could be anywhere between 350,000 tons and 400,000 tons.

  Intertek Agri Services estimated exports during the Jan. 1-10 period at
392,067 tons. Another surveyor, SGS, estimated the numbers at 384,842 tons.

  In other news, Malaysia-based trading company Kalmart Systems (M) Bhd said
India's government-run National Agricultural Cooperative and Marketing
Federation, or Nafed, defaulted on a CPO cargo last year.

  Kalmart's Managing Director N.V. Avalani said it had sold CPO to Nafed for
August shipment and has even approached India's federal Agriculture Ministry
and High Commission in Kuala Lumpur on the issue.

  "Nafed wouldn't like to comment on its business deals," said a New
Delhi-based senior Nafed executive, who declined to be named.

  During Asian trading hours, March soyoil on the Chicago Board of Trade rose
as much as 33 points to 33.38 cents a pound.

  Open interest for CPO on the BMD was 84,043 lots, down from 84,386 lots
Thursday. Traded volume was 16,985 lots, up from 11,952 lots. One lot comprises
25 tons.

  Cash CPO for prompt shipment was last offered MYR10 lower at MYR1,890/ton.

  Cash palm olein for April/May/June traded at $595/ton, $592.50 and $590/ton,
said a trader in Singapore.

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

Month      Close    Previous   Change   High    Low
Feb 09     1,925    1,910      Up 15    1,935   1,915
Mar 09     1,899    1,887      Up 12    1,913   1,860
Apr 09     1,880    1,879      Up 01    1,908   1,854
May 09     1,887    1,878      Up 09    1,893   1,850