Malaysian palm oil futures rebounded from a one-week low in the second half of trade on Friday, supported by expectations of better export data scheduled for release on Aug. 31 and Sept. 3 by cargo surveyors.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last up 0.6% at 2,234 ringgit per tonne, gaining 7.9% for the month in its strongest monthly performance since January.
The market had earlier fallen to 2,201 ringgit, its lowest since Aug. 22, tracking weaker related edible oils on the U.S Chicago Board of Trade and China's Dalian Commodity Exchange.
"The export outlook is supporting the market. It looks like stocks will be reduced," said a Kuala Lumpur-based trader, referring to August inventory levels in Malaysia, the world's second-largest palm producer.
Malaysian export data for the full month of August is scheduled for release on Aug. 31 and Sept. 3. Demand for the last reported period rose between 18 and 21.5% during Aug. 1-25, from the corresponding period last month.
Malaysian palm oil inventories had last fallen unexpectedly in July, slipping to a one-year low of 2.39 million tonnes as exports outpaced forecasts and imports fell sharply from the previous month.
Malaysian markets will be closed on Monday for a public holiday.
In other related oils, US soyaoil futures on the Chicago Board of Trade were last up 0.5%.
The September soyaoil contract on the Dalian exchange edged down 1.1% while the Dalian September palm oil contract fell 2.4%.
Palm oil prices are affected by movements in related oils, as they compete for a share in the global vegetable oils market.
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