KUALA LUMPUR: Malaysian palm oil futures rose over 1% on Monday, closing near a record high hit last week as polls show a slight decline in September stockpile and a slow output rise.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 81 ringgit, or 1.8%, to 4,586 ringgit a tonne, after declining nearly 2% in the previous session.

Palm oil stockpiles at the world's second largest producer likely fell 0.36% to 1.87 million tonnes as skyrocketing exports offset an uptick in production, a Reuters poll showed.

Production is seen rising 2.8% to 1.75 million tonnes, while exports likely surged 39.8% to 1.63 million tonnes.

Soyoil prices on the Chicago Board of Trade were down 1%. The Dalian exchange is closed until Thursday for a public holiday.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Bursa Malaysia Derivatives launched its new East Malaysian Crude Palm Oil Futures contract on Monday, providing investors with an avenue for price discovery of the market in East Malaysia.

Oil was steady ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained.