SINGAPORE: Malaysian palm oil futures gained for a second straight session on Tuesday as rival soyaoil on the Chicago Board of Trade strengthened, although gained were capped by top buyer India’s move to raise tariffs on palm imports.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 9 ringgit, or 0.3%, to 3,533 ringgit ($877.11) a tonne. It advanced more than 4% in the previous session.
“Malaysian palm oil futures are seen trading higher in continuation of the bullish momentum of Monday,” Mumbai-based Sunvin Group said in a note to clients.
CBOT soybeans rose for a third straight session on Tuesday while the soyaoil contract climbed 1.6% as frigid temperatures in key US growing areas raised worries about global supplies.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Meanwhile, higher taxes imposed by top palm importer India weighed on prices. India has raised the base import price of crude palm oil by $32 to $1,045 per tonne.—Reuters
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