SINGAPORE: Malaysian palm oil futures rose on Wednesday to snap a five-day losing streak, tracking overnight soyaoil gains on the Chicago Board of Trade and higher crude oil prices.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 1.4% at 2,330 ringgit a tonne.
Prices were supported by an overnight rally in rival soyaoil on the Chicago Board of Trade (CBOT), which hit its highest in nearly three months on a smaller-than-expected US plantings figure and spillover strength from corn. It last traded 0.2% higher. Gains were capped by a stronger ringgit which rose 0.1% against the dollar on Wednesday.
Elsewhere, Dalian's most-active soyaoil contract rose 0.5%, while its palm oil contract fell 0.7%.
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