Malaysian palm oil futures ended higher on Wednesday, in line with gains in Dalian oil prices, although weaker crude prices and falling exports due to coronavirus-led lockdowns capped gains.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed up 9 ringgit, or 0.4%, to 2,285 ringgit ($526.86) per tonne.
Palm had climbed as much as 2.4% during the session, but retreated after oil prices fell 4% following reports of persistent oversupply and collapsing demand.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Malaysia's palm oil exports during April 1-15 fell between 3.6% and 6%, according to data by cargo surveyors.
"There are signs of an increase in shipment for Ramadan season. However, overall demand for palm oil remains relatively weak," said Oscar Tjakra, senior analyst at Rabobank's RaboResearch Food and Agribusiness.
Dalian's most-active soyaoil contract rose 0.18%, while its palm oil contract gained 0.69%. Soyaoil prices on the Chicago Board of Trade fell 0.66%.
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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