KUALA LUMPUR, Aug 21: Malaysian crude palm oil futures bounced back on Monday, boosted by healthy export performance and higher prices of crude oil. Exports of Malaysian oil palm products for August 1-20 stood at 870,560 tons, up 22 per cent from 713,114 tons shipped between July 1 and 20, cargo surveyor Societe General de Surveillance said.

Another cargo surveyor, Intertek Testing Services, said exports during the period surged 14 per cent from the 751,524 tons shipped between July 1 and 20.

Export numbers have been very encouraging, said one dealer. The market is likely to rise now as a bit oversold last week. The benchmark third-month November crude palm oil contract on the Bursa Malaysia Derivatives market closed up 18 ringgit at 1,610 ringgit ($439) a ton.

The market dropped more than 4 per cent last week.

Other traded months rose between 12 and 19 ringgit.

Volumes stood at 10,870 lots of 25 tons each.

The open interest was high at 67,373 lots, compared with 35,000 to 40,000 lots a few months ago, which indicated a large number of players.

Dealers said the physical market was also strengthening with sellers quoting 1,595 ringgit a ton for August shipment and buyers at 1,585 ringgit. Trades were done between 1,575 and 1,590 ringgit a ton.—Reuters