KUALA LUMPUR: Malaysian palm oil futures rose more than 2% on Tuesday ending a three-session decline, helped by a surge in exports, a declining ringgit and strength in rival edible oils.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 94 ringgit, or 2.54%, to 3,788 ringgit ($817.61) per metric ton, its highest closing since Aug. 4.

The market is seeing an upside correction after a few days of lacklustre trading that caused a widening of the price spread between soybean oil and palm oil, a Kuala Lumpur-based trader said.

Exports from Malaysia during Aug. 1-15 rose 18.9% from the same period in July, according to cargo surveyor Intertek Testing Services.

Palm oil ends lower for third session; rising exports cap losses

Another cargo surveyor, Amspec Agri, said exports jumped 24.2%.

India’s palm oil imports in July jumped 59% from the previous month to 1.08 million metric tons, the highest in seven months, as refiners took advantage of lower prices to increase purchases, a trade body said.

The ringgit, palm’s currency of trade, fell for a fourth consecutive day against the dollar, making palm oil cheaper for buyers holding foreign currency.

In related oils, Dalian’s most-active soyoil contract gained 2.1%, while its palm oil contract rose 3%. Soyoil prices on the Chicago Board of Trade were up 0.3%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.