KUALA LUMPUR: Malaysian palm oil  futures rose for a second consecutive session on Friday, buoyed  by stronger demand ahead of Ramadan and on a technical  correction after sharp falls earlier this week.

The benchmark palm oil contract for July delivery  on the Bursa Malaysia Derivatives Exchange was up 1 percent,  reaching 2,530 ringgit ($575.26) a tonne at the end of the  trading day, after earlier hitting a one-week high of 2,535  ringgit.

Traded volumes stood at 56,109 lots of 25 tonnes each at the  close of trade.

" We are seeing a bit of continued correction after  yesterday' s rise. Demand to a certain extent is a supportive  factor," said a trader from Kuala Lumpur, however, adding that  the market may not sustain these gains for long.

Shipments from Malaysia came in weaker-than-expected between  April 1 and April 20, according to cargo surveyor data. Intertek  Testing Services showed a decline of 1 percent in exports  compared with a month-ago period, while Societe Generale de  Surveillance showed a 4.7 percent rise.

Production is also seen to be rising and pulling down palm  prices in the coming months, as the lingering effects of a  crop-damaging El Nino wear off.

Malaysian production rose for the full month of March, up  16.3 percent from February, marking its first monthly gain since  September and in line with seasonal trends.

Palm oil may break a resistance at 2,507 ringgit and gain  further to 2,542 ringgit, said a Reuters market analyst for  commodities and energy technicals.

In related vegetable oils, soybean oil on the Chicago  Board of Trade slipped as much as 0.1 percent, while the  September soybean oil contract on the Dalian Commodity Exchange
climbed up to 0.3 percent. - Reuters