Soyoil on the CBOT rallied overnight to reach six-and-a-half-year highs, as prolonged worker strikes and dry weather in Argentina squeezed global supply prospects.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange climbed for a third consecutive session, closing 65 ringgit higher at 3,443 ringgit ($852.76).
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit higher, or 0.4pc, at 3,377 ringgit a tonne.
On the daily chart, the contract may fall towards 3,274 ringgit, as it failed to break a resistance at 3,411 ringgit, the 50% projection level of a presumed wave C from 2,691 ringgit.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 15 ringgit, or 0.45%, to 3,351 ringgit a tonne in early trade.
Indonesia announced higher export levies last week, to fund its biodiesel programme, which requires diesel in Indonesia be blended with 30pc bio content made of palm.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange settled down 0.77pc to 3,366 ringgit ($827.03) a tonne.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.27%, to 3,401 ringgit ($836.45) a tonne in early trade.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange ended down 42 ringgit, or 1.22pc, at 3,395 ringgit ($834.15) a tonne.
After weeks of speculation, Indonesia on Thursday said it would impose higher levies on crude palm oil starting Dec. 10, a move that could impact demand next year.
Meanwhile, GAPKI expected the world's biggest producer of the vegetable oil to export 36 million tonnes of palm oil next year, up from an estimated 32.27 million tonnes in 2020.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange declined 27 ringgit, or more than 0.8pc, to 3,295 ringgit a tonne.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 55 ringgit, or 1.65pc, to 3,271 ringgit ($799.56) a tonne by the midday break.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 42 ringgit, or 1.28pc, to 3,330 ringgit ($814.58) a tonne.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed down 14 ringgit, or 0.46%, to 3,051 ringgit ($732.88) a tonne.
Indonesia has set crude palm oil export tax at $3 per tonne for November.