KUALA LUMPUR: Malaysian palm oil futures rebounded on Monday, snapping a two-day decline after India, the world’s biggest vegetable oil buyer, lowered import taxes amid lingering concerns of tight edible oil supply worldwide.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 42 ringgit, or 0.98%, at 4,320 ringgit ($1,041.21) a tonne.

Top buyer India cut its base import taxes on palm oil, soyoil and sunflower oil on Friday. The processing margins for crude sunflower oil is now the most competitive, thus, palm oil may not benefit much from the duty change as buyers may be more encouraged to import sunflower oil instead, UOB KayHian said in a note.