KUALA LUMPUR: Malaysian palm oil futures on Tuesday rose for a fifth straight day to close at a 10-year high, as it tracked a rally in crude and soyaoil futures. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 40 ringgit, or 1.03%, to 3,918 ringgit ($952.13) a tonne, its highest since Feb. 14, 2011.
Palm is rising on continued strength in soyaoil, but its rise is lagging those of its rivals because of weaker fundamentals, a Kuala Lumpur-based trader said.
Traders are awaiting official February supply and demand data, as well as cargo surveyor export data due on Wednesday.
A Reuters survey last week pegged end-February stockpile to rise 7% to 1.42 million tonnes amid higher output and stagnant exports.
India’s palm oil imports are set to rebound in March and April to meet rising demand from hotels and restaurants, as lower shipments last month have depleted stocks, according to industry participants.
Dalian’s most-active soyaoil contract rose 0.7%, while its palm oil contract fell 1.6%. Soyaoil prices on the Chicago Board of Trade were up 1.3%.
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