JAKARTA: Malaysian palm oil futures ended higher on Tuesday, after falling in the previous session, supported by higher prices for crude oil and Chicago soybean oil.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 0.44% to 5,283 ringgit ($1,261.46) a tonne at close. On Monday, the contract hit an all-time high of 5,380 ringgit before reversing course to close 1.18% lower.
“Recovery in the European stock market in the afternoon session pushed crude oil and soybean oil higher, thus prompting buyers to bargain hunt in CPO futures,” a Kuala Lumpur-based trader told Reuters.
Soyoil prices on the Chicago Board of Trade were up 1.02%, while Dalian’s most-active soyoil contract and palm oil contract fell 2.45% and 1.54%, respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Exports of Malaysian palm oil products during Jan. 1-25 fell more than 30% from the same period, cargo surveyors Intertek Testing Services and Societe Generale de Surveillance said on Tuesday.
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