Malaysian crude palm oil futures ended mixed on Monday but most active contracts were up between two and four ringgit, supported by expectations of higher export figures.
One trader estimated palm oil exports for May 1-10 would reach 410,000 tonnes, up from 403,354 in the April 1- 10 period. He pegged support at 1,450 and resistance at 1,480.
Palm oil export figures are due to be released by cargo surveyors Intertek Testing Services and Societe Generale de Surveillance on Wednesday.
"Although the ringgit appreciated, the market seems to be resilient," said one trader. "Expectations of good export figures and lower closing stocks for April in the MPOB report seem to be the only reason for this."
Data from official crop agency the Malaysian Palm Oil Board is also due on Wednesday. By the close, the benchmark third-month July contract on Bursa Malaysia Derivatives was up four ringgit at 1,457 ringgit ($406) a tonne. The June and August contracts were up by two ringgit each. Other contracts were down between one and five ringgit.
Overall volumes stood at 3,490 lots of 25 tonnes each.
Traders added stronger palm oil demand for biodiesel due to soaring crude oil prices also lent support to prices amid a strengthening ringgit against the US dollar.
"There aren't many sellers at the moment. They are anticipating more players will come and prices will go up," said a trader. "If petroleum prices are high, people are not very keen to sell down."
The Malaysian ringgit extended its gains to a fresh 8-year high of 3.5930 per dollar on Monday.
Oil topped $70 on Monday as investors refocused on risks to supply. Iran rebuffed a UN call to stop work on nuclear fuel and Venezuela threatened to raise oil royalties and taxes.
By 1000 GMT, US light crude for June delivery fell 56 cents to $69.63 a barrel. London Brent crude was down 60 cents to $70.35 a barrel.
On Friday, CBOT May soyoil closed 0.21 cent higher at 25.15 cents per lb and July was up 0.22 at 25.53. But in Monday's electronic trading, the July contract was down 0.12 at 25.41 cents per lb.
In the physical market, May crude palm oil was offered at 1,435 ringgit a tonne in central and south regions, against bids of 1,430 ringgit. It was traded in the range from 1,425 to 1,430 ringgit.
Sellers were offering June crude palm oil at 1,445 ringgit a tonne, but buyers were keen at 1,440 ringgit. Deals were done at 1,440 ringgit a tonne.
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