KUALA LUMPUR: Malaysian palm oil futures rose as much as 1.5pc on Monday, tracking overnight gains in soyoil on the Chicago Board of Trade (CBOT) and supported by stronger export data.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed up 0.6pc at 2,025 ringgit ($483.87) per tonne, having earlier snapped a three session losing streak to touch 2,044 ringgit.
Palm fell 4pc last week and is down 3.3pc so far month-on-month, set for a fourth straight monthly decline in May.
Having broken resistance at 2,026 ringgit per tonne, palm oil may rise to 2,049 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
"Palm rose mainly on overnight gains in soybean oil," said a Kuala Lumpur-based futures trader, adding that fundamental factors had already been priced into the market.
"We're waiting for production figures now."
The Chicago July soybean oil contract rose 0.9pc on Friday, following gains in soybean prices, which were supported by worries about this year's crop planting.
US markets are closed on Monday for a national holiday.
Another palm oil trader said data showing a rise in Malaysian palm oil shipments was also supporting the market.
Exports of the edible oil between May 1-25 rose 8.5pc versus the corresponding period the previous month, cargo surveyor Societe Generale de Surveillance said on Monday.
In other related oils, the September soyoil contract on the Dalian Commodity Exchange was up 0.6pc and the Dalian September palm oil contract rose 0.8pc .
Palm oil prices are affected by movements in soyoil, with which it competes for global market share.
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