KUALA LUMPUR, July 18: Malaysian crude palm oil futures edged higher on Wednesday as the rival soybean oil market bounced back from a two-day slide and players awaited an update on export data from cargo surveyors.

The benchmark October contract on the Bursa Malaysia Derivatives Exchange finished up 11 ringgit at 2,528 ringgit ($733) a ton.

Soyabean oil's rebound this morning has been supportive for palm oil. Without its influence, the market could have gone lower, said a trader.

Other traded months rose between 13 and 20 ringgit a ton, except for May 2008, which was down 6 ringgit. Overall volumes stood at 10,608 lots of 25 tons each.

There is some technical buying. Some players feel that exports should do better, another dealer said.

Industry officials say palm oil demand will pick up from July as buyers lock in supplies for the Muslim fasting month of Ramadan, which is due in September.

Palm oil is around 9 per centoff a historic high of 2,764 ringgit reached in early June on the back of robust demand from top importers India and China and dwindling supplies at home.

Soybean futures on the Chicago Board of Trade rallied early on Wednesday on a technical bounce after a two-day slide, amid continued concerns about hot weather in the U.S. Midwest.

August soyoil in electronic trading during Asian hours was up 0.12 cent at 37.04 cents per lb by 1027 GMT.Malaysian palm oil usually takes its cue from the US soyaoil market because both commodities are used in products ranging from biscuits to lipstick and biodiesel.

October palm oil on Singapore's Joint Asian Derivatives Exchange rose $5 at $732.50 a ton with just one lot being traded by 1025 GMT.

In the physical market, crude palm oil for July shipment in Malaysia's southern region were quoted at 2,655/2,660 ringgit a ton. Trades were done at 2,655 ringgit.—Reuters