KUALA LUMPUR: Malaysian palm oil futures gained on Tuesday, rising for a fifth session in six, tracking strength in rival Chicago and Dalian oils.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 0.48% at 4,626 ringgit ($1,106.17) by the midday break. It gained 0.78% in overnight trade.
Dalian's soyoil contract gained 0.46%, while its palm oil contract rose 0.12%. Soybean oil prices on the Chicago Board of Trade for May delivery climbed 0.72%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
A Kuala Lumpur-based trader said there was buying interest after the futures contract dipped on Monday, snapping a four-day streak of gains.
"Palm is currently consolidating after the recent rally. On fundamentals, lower production coupled with better exports are supportive while strength in rival oils also help," he said.
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