KUALA LUMPUR: Malaysian palm oil futures rebounded on Friday to close at a record high, gaining 5.5% for the week, amid concerns over tightening supply and as one cargo surveyor reported higher August exports so far.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 37 ringgit, or 0.83%, after falling to an intraday low of 1.4%. Palm logged its seventh weekly gain in eight.

Palm settled at 4,511 ringgit ($1,064.92) a tonne, the record high it first hit on Wednesday after the Malaysian Palm Oil Board (MPOB) data showed stockpiles dropped to a four-month low at July end, as production and imports shrank.

Palm oil ends lower after sharp gains

A surprise rise in Aug. 1-10 exports reported by cargo surveyor Societe Generale de Surveillance (SGS) also supported prices, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Exports of Malaysian palm oil products for Aug. 1-10 rose 4.2% to 423,888 tonnes from Jul. 1-10, SGS said.

Cargo surveyors ITS and Amspec Agri had earlier reported exports during that period declined between 10% and 13%.

Dalian's most-active soyoil contract fell 0.4%, while its palm oil contract eased 1.2%. Soyoil prices on the Chicago Board of Trade were up 1.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.