#palmoil
Malaysian palm oil futures recouped losses to reach a near 7-week high on Thursday evening, supported by better demand as it charted a fifth consecutive session of gains.
Benchmark palm oil futures for October delivery on the Bursa Malaysia Derivatives Exchange rose 1.2% to RM2,444 (US$604) per tonne at the end of the trading day.
It beat Wednesday's top of RM2,419 to hit an intraday high of RM2,454, its strongest level since June 20.
Traded volumes stood at 42,523 lots of 25 tonnes each on Thursday evening, slightly below the 2015 average of 44,600.
"Demand is good, there's some covering in the market as supply is tight for August," said a trader based in Kuala Lumpur. "We see that exports are fairly good."
Palm oil product shipments from Malaysia, the world's second biggest producer after Indonesia, rose 12-15% for the full month of July from June, cargo surveyor data showed.
A rise in July exports would be a marked improvement from June's performance, which recorded a near 12% decline from May, according to government data.
The Malaysian Palm Oil Board (MPOB) is scheduled to release official data for July on Aug. 10, after 0430 GMT.
In related vegetable oils, the Chicago soybean oil contract for December rose 0.9%, while Dalian's January soybean oil contract gained 0.6%.
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