JAKARTA, Sept 4: Malaysian crude plam oil rose more than 2 per cent on Thursday, bouncing back from a two-day fall, as crude oil recovered and as traders bet on improving overseas demand.

The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Excange ended up 59 ringgit, or 2.41 per cent, to 2,510 ringgit ($733) a ton.

The market is just tracking overseas markets -- crude oil and soyaoil which are gaining today, a trader at a foreign brokerage firm said.

But other than that there’s no fundamental news, the trader said.

Malaysian Palm Oil Board will release production, stocks and export data next week while cargo surveyors Intertek Testing Service and Societe Generale de Surveillance will also release export figures for the first 10 days in September.

Fresh buying interest also emerged as players anticipate a slow production from October to December in Malaysia, the trader said.

Cargo surveyor Intertek Testing Services reported exports of Malaysian palm oil products for August rose 8.12 per cent to 1,490,527 tons compared to July while another cargo surveyor, Societe Generale de Surveillance, said exports rose 6.6 per cent to 1,488,640 tons.

Malaysia’s August palm oil stocks are expected to edge up 1.2 per cent from a month ago as production could hit its highest level so far this year and outstrip export growth, a Reuters poll showed on Tuesday.

In the neighboring Indonesian market, palm oil prices were mixed without any fresh supply-demand news and a volatile market kept players cautious.

Producers in Medan, North Sumatra -- home to Belawan port, Indonesia’s key port for palm oil exports -- sold crude palm oil at 6,470 rupiah ($0.702) a kg, unchanged from 6,460-6,480 rupiah a kg on Wednesday.

Malaysia did not move much today. Also, players are still cautious because the market has been volatile these days, said a dealer in a plantation firm in Medan.

The state marketing centre in Jakarta sold crude palm oil at 6,544 rupiah a kg, down from 6,575 rupiah a kg on Tuesday, free on board Belawan port in North Sumatra.

The centre which sells crude palm oil from state plantations, did not sell any crude plam oil at an auction on Wednesday due to low bids.

In Jakarta, refineries sold refined, bleached, deodorised (RBD) palm olein -- used in cooking oil -- unchanged at 7,000-7,150 rupiah a kg from Wednesday.

In the physical market, crude palm oil for September delivery was at 2,500/2,520 ringgit a ton in the south region.—Reuters