* Palm rises after snapping five winning sessions on Friday

* Market up on better demand, tracking rival oils -trader

(Updates latest prices)

09/08/2016 (Reuters) - Malaysian palm oil futures rose on Monday as traders reported tight physical supplies for the month of August and the market tracked firmer rival vegetable oils on the Chicago and Dalian exchanges.

Benchmark palm oil futures for October delivery on the Bursa Malaysia Derivatives Exchange gained 1.4 percent to 2,440 ringgit ($605) per tonne at the close of trade.

Palm snapped five sessions of gains on Friday to record its sharpest fall in two weeks.

Traded volumes stood at 39,313 lots of 25 tonnes each on Monday evening, lower than the 2015 average of 44,600.

"People are talking about tightness in the market ... There is some demand from China and India coming in. The Mid-Autumn festival is coming in a month," said a trader based in Kuala Lumpur.

"U.S. soybean and Dalian are also up. On Friday the market came down on profit-taking, so now it is back up."

China, the world's second largest palm oil consumer, will celebrate the Mid-Autumn festival in mid-September this year, leading to higher consumption of the tropical oil.

Cargo surveyor data had showed that palm oil exports from Malaysia rose 12-15 percent for the full month of July from June, boosted by demand from Europe and China.

A Reuters survey forecast that Malaysia's July exports will rise nearly 14 percent month-on-month, while inventories see a 3.1 percent gain to 1.83 million tonnes. Official government data on stock levels and exports from the Malaysia Palm Oil Board are scheduled for release on Wednesday, after 0430 GMT.

Stronger performing rival oils also lent some support to palm on Monday morning, said traders. The Chicago Board of Trade soybean oil contract for December was up 0.6 percent, while the Dalian Commodity Exchange's January soybean oil contract gained 0.6 percent.

Palm, soy and crude oil prices at 1034 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG6 2571 +66.00 2488 2571 86

MY PALM OIL SEP6 2463 +33.00 2430 2469 2214

MY PALM OIL OCT6 2440 +33.00 2409 2448 19062

CHINA PALM OLEIN JAN7 5216 +20.00 5122 5234 798852

CHINA SOYOIL JAN7 6196 +34.00 6106 6210 558432

CBOT SOY OIL DEC6 31.21 +0.00 30.98 31.3 7298

INDIA PALM OIL AUG6 530.10 +3.50 527.80 531.7 1352

INDIA SOYOIL AUG6 635.2 -0.20 634.1 637.4 14550

NYMEX CRUDE SEP6 42.42 +0.62 41.81 42.47 70873

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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel

($1 = 4.0350 ringgit)
($1 = 66.8000 Indian rupees)
($1 = 6.6609 Chinese yuan)