The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.84%, to 2,415 ringgit ($564.91) a tonne during 0243 GMT.
Palm is poised to clock a 2.3% weekly fall following concerns that a second wave of coronavirus will slow demand.
FUNDAMENTALS
Oil prices extended gains from the previous day on optimism about recovering fuel demand worldwide. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Soyoil prices on the Chicago Board of Trade gained 0.67%. The Dalian Commodity Exchange was closed 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.
Palm may retest a resistance at 2,479 ringgit per tonne, as it could have completed a correction triggered by this barrier, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian stocks were set to gain on Friday, as global sentiment remained doggedly upbeat despite increased volatility and rising new coronavirus infections, with Wall Street pushed higher by a loosening in bank regulations.
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