Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended 3% higher, tracking soyoil contracts on the CBOT. Prices of crude palm oil and soyoil typically move in tandem, as they are used as substitutes for each other. The most-active March contract of crude palm oil on the Malaysian bourse hit a one-month high of 2,612 ringgits (41,303.60 rupees) per tn earlier. The March contract settled at 2,607 ringgits per tn, up 3% from the previous close. Expectations of higher demand for soyoil and palm oil from China ahead of the Lunar New Year are also seen supporting the prices.