Malaysian crude palm oil (CPO) futures were up in Friday's early trade after gains in rival Chicago soyaoil and friendly preliminary exports data for April, dealers said.
But volume was light as players awaited further exports data in the afternoon from the market's main cargo surveyor, Societe Generale de Surveillance (SGS), before considering major moves.
SGS is scheduled to release after 0630 GMT estimates of palm oil exports in April.
Intertek Testing Services (ITS), another cargo surveyor, earlier on Friday estimated exports for the current month at 1,022,994 tonnes against the 970,269 tonnes it gave for March.
SGS had put March exports at 978,695 tonnes. The state-owned Malaysian Palm Oil Board's official figure for last month was 929,175 tonnes.
"It looks like the ITS numbers are quite friendly as the market was only expecting about 1.01 million tonnes at the most," said a dealer.
The benchmark third-month CPO contract on the Malaysia Derivatives Exchange, July, entered the lunch break at 1,888 ringgit, up 14 ringgit. Its high was 1,891 ringgit.
Other contracts rose eight to 15 ringgit.
But volume was below average for a busy morning at 1,282 lots, although higher than Thursday first session of 610 lots.
"People were holding back to see what numbers SGS comes up with," said another trader.
Market gains have been capped most of April on concerns that exports would be unable to match the robust performance seen late last year and at the start of 2004. Dealers had initially expected only 950,000 tonnes for April.
Friday's market opened firm on the back of overnight gains of Chicago soyaoil, before ITS's numbers lent further support.
Soya and palm compete for the same export markets and their prices often move in step.
Soyaoil on the Chicago Board of Trade settled up 0.99 cent per lb to down 0.20 cent on Thursday, with the key July contract 0.93 cent higher.
Physical palm oil prices were also quoted higher on Friday, in tandem with the rise in futures
Cash CPO for May saw bids/offers at 1,985/1,985 ringgit a tonne in the southern and central regions, versus Thursday's close of 1,975/1,980.
Trades were reported at 1,985 ringgit for both regions.
Physical CPO for June saw bids/offers at 1,950/1,970 ringgit a tonne in the southern and central regions. No trade was reported.
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