KUALA LUMPUR: Malaysian palm oil futures tracked rise in Dalian palm and rival soyaoil to climb more than 1% on Tuesday, their fourth straight session of gains, helped by expectations for lower July production and inventories.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange settled up 37 ringgit, or 1.36%, to 2,768 ringgit ($656.24) a tonne. Palm climbed to an intraday high of 2.82%, touching its highest since Feb. 10.
The contract had gained as much as 3.2% in the previous session after cargo surveyors reported that July exports rose 5.8% to 6.8% on-month. The market is reflecting prices of related oils and waiting for Malaysian Palm Oil Association's forecast for July output for further direction, a Kuala Lumpur-based trader said.
Dalian's most-active soyaoil contract rose 1.13%, while its palm oil contract gained 2.89%. Soyaoil prices on the Chicago Board of Trade were up 0.51%. Palm oil imports into the European Union and Britain in the 2020/21 season stood at 389,792 tonnes, down 25% from the previous season, official EU data showed.
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