KUALA LUMPUR: Malaysian palm oil futures closed higher on Friday, snapping two weekly losses, as stockpiles in June fell, although gains were capped on lower exports for July 1-10.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 0.36%, to 2,412 ringgit ($566.14) a tonne. For the week, the contract rose 2.3%.

Malaysian palm oil inventories fell 6.3% at end-June from a month earlier, according to the Malaysian Palm Oil Board, while a Reuters poll had pegged the decline at 5%.

Dalian's most-active soyoil contract fell 0.79%, while its palm oil contract was down 2.56%. Soyoil prices on the Chicago Board of Trade were also trading down 0.03%.