The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last up 0.1% at 2,031 ringgit  ($493.32) per tonne, heading for a fourth straight session of gains.

It earlier rose as much as 0.6% to 2,042 ringgit, matching the highs seen on June 20, before paring some gains.

Palm oil may end its rise around a resistance at 2,038 ringgit per tonne, and then fall towards 2,001 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

"Strength in competing vegetable oils is likely to spill over to our local front and extend palm oil's gains," said a Kuala Lumpur-based trader, adding that the market then pared its gains on profit-taking.

Declining exports could also further cap price gains.

Malaysian palm oil shipments during July 1-25 fell 4.3% from the corresponding period in June, reported independent inspection company AmSpec Agri Malaysia on Thursday.

U.S. soyoil futures on the CBOT had jumped 1.1% on Wednesday, and were last up 0.4% as of 0531 GMT on Thursday.

U.S. soybean futures edged higher on Thursday, as traders eyed a breakthrough in a trade war between Washington and Beijing.

In other related oils, the September soyoil contract on the Dalian exchange rose 1.2% and the Dalian September palm oil contract gained 0.7%.