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Malaysian palm oil futures ended Friday's session higher, notching a weekly gain, though expectations of increased production capped further advances.
The benchmark palm oil contract for August delivery on Bursa Malaysia Derivatives rose 7 ringgit, or 0.18%, to close at 3,827 ringgit ($905.16) per tonne.
That left the contract up 0.18% for the week.
A trader based in Kuala Lumpur said crude palm oil prices had given up most of their morning gains after the Malaysian Palm Oil Association (MPOA) released production data for 1-20 May, estimating that output during that period rose 3.51% compared with the previous month.
The most-active soybean oil contract on the Dalian exchange rose 0.18%, while the palm oil contract there fell 0.32%. In Chicago, soybean oil prices rose 1.16%.
Malaysian Palm Oil Continues To Slide
Palm oil tracks the price movements of competing vegetable oils, as it vies with them for a share of the global market.
Oil prices fell for a fourth straight day on Friday, heading for their first weekly loss in three weeks, as expectations grew for a significant increase in OPEC+ output in July.
Weaker crude oil prices reduce palm oil's appeal as a feedstock for biodiesel production.
Meanwhile, the ringgit, the currency used in palm oil trade, strengthened 0.98% against the US dollar, making the commodity more expensive for buyers holding foreign currencies.
Source: Reuters