SINGAPORE/JAKARTA: Malaysian palm oil futures jumped more than 6% on Tuesday, snapping a six-day losing streak, supported by bargain buying and stronger soyaoil prices on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 6.2% higher at 3,583 ringgit ($870.72) a tonne, after hitting a more than four-month low on Monday.
“Soyabean oil moved up on bargain buying, pushing prices higher. At the moment, crude palm oil closely following soyabean oil,” a Kuala Lumpur-based trader told Reuters.
CBOT soyabean futures reversed previous losses, with its soyoil contract rising 1.3%.
Soyabean oil and palm oil prices on the Dalian Commodity Exchange fell 5.04% and 6.35%, respectively.
Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
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