15/06/2013 (Reuters) - Malaysian palm oil futures ended higher on Friday after falling to a one-week low initially as expectations exports will rise in the first half of the month offset uncertainty in global markets on the outlook for economic stimulus.

Palm oil's first weekly drop in six showed though that sentiment was fragile ahead of next week's U.S. Federal Reserve policy meeting. Investors are worried the central bank could curb its massive bond-buying programme this year, denting demand for commodities.

The rally, which drove palm oil prices up 9 percent,  prompted traders to book profits this week. They are still counting on festive demand to support shipments, which rose as much as 10 percent from a month ago during the first 10 days of the month.

"The major trend for palm is still down as there are still uncertainties in the global markets. But we should see higher exports for the June 1-15 period, which are providing some support," said a trader with a foreign commodities brokerage in Malaysia.

Cargo surveyor Intertek Testing Services will release June 1-15 export data on Saturday. Another surveyor, Societe Generale de Surveillance, will release the same data on Monday.

The benchmark August contract on the Bursa Malaysia Derivatives Exchange gained 0.6 percent to close at 2,438 ringgit ($783) per tonne. It fell to 2,402 ringgit earlier in the morning session, a level last seen on June 6.

Total traded volumes stood at 27,127 lots of 25 tonnes each, below the average 35,000 lots. For the week, prices posted a 0.8 percent loss.

Traders are pinning their hopes on exports rising further as buyers restock ahead of Ramadan, the Muslim festival that falls in July this year. Communal feasting during the holy month typically drives up edible oil consumption.   

Higher shipments coupled with stagnant production may continue to reduce stocks, which had fallen to 1.82 million tonnes by end-May, the lowest in nearly a year.

In other markets, Brent futures slipped on Friday from near $105 a barrel due to ample U.S. inventories and a poor demand outlook, after prices bounced more than 3 percent in the last two sessions.

In vegetable oil markets, U.S. soyoil for July gained 0.7 percent in late Asian trade. The most-active September soybean oil contract on the Dalian Commodities Exchange lost 0.5 percent. 

  Palm, soy and crude oil prices at 1005 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JUN3       0    +0.00       0       0       0
  MY PALM OIL      JUL3    2434   +16.00    2403    2440     847
  MY PALM OIL      AUG3    2438   +14.00    2402    2444   15593
  CHINA PALM OLEIN SEP3    6210   -84.00    6186    6270  370464
  CHINA SOYOIL     SEP3    7408   -36.00    7350    7418  393866
  CBOT SOY OIL     JUL3   48.15    +0.31   47.80   48.20    3864
  NYMEX CRUDE      JUL3   96.95    +0.26   96.42   97.30   19818

  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  Crude in U.S. dollars per barrel
  ($1=3.114 ringgit)