SINGAPORE: Malaysian palm oil futures rebounded on Wednesday after falling for three straight sessions, as a weaker ringgit made the edible oil more attractive to holders of foreign currency.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 30 ringgit, or 0.6%, to 4,882 ringgit ($1,160.45) by the midday break.
The ringgit fell 0.2.
But weakness in rival oils capped gains.
Dalian's most-active soyoil contract fell 1.1%, while its palm oil contract traded 2.2% lower. Soybean oil prices on the Chicago Board of Trade for January delivery , however, were up 0.7%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may break a support at 4,827 ringgit per tonne, and fall towards a range of 4,706 ringgit to 4,781 ringgit, Reuters technicals analyst Wang Tao said.
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