KUALA LUMPUR: Malaysian palm oil futures rose over 1pc during the first half of trade on Monday, after three previous sessions of losses, on the back of overnight gains in soyoil on the US Chicago Board of Trade (CBOT).
Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 1.4pc at 2,041 ringgit ($487.75) per tonne at the midday break.
Palm had seen losses of 4pc last week, and is down 2.6pc so far month-on-month. It is also in line for a fourth straight monthly decline.
Palm oil may bounce more to 2,049 ringgit per tonne, as it has broken a resistance 2,026 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
"Palm rose mainly on overnight gains in soybean oil," said a Kuala Lumpur-based futures trader, adding that fundamental factors have already been priced into the market.
"We're waiting for production figures now."
The Chicago July soybean oil contract rose 0.9pc on Friday, following gains in prices of soybeans, which was supported by worries on this year's crop planting.
US markets are closed on Monday for a national holiday.
In other related oils, the September soyoil contract on the Dalian Commodity Exchange was up 0.3pc and the Dalian September palm oil contract rose 0.7pc.
Palm oil prices are affected by movements in soyoil, with which it competes for global market share.
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