Malaysian palm oil rose on Wednesday, snapping four straight sessions of losses, as futures tracked higher Chinese soybean oil and palm olein prices, while gains in US soyoil also helped improve sentiment.
Benchmark palm oil futures for September delivery on the Bursa Malaysia Derivatives Exchange closed 1.6% higher at RM2,222 (US$559.70), a day after lower export data triggered panic selling.
Malaysian Palm Oil Board figures on Tuesday showed that the country's palm exports in June fell nearly 12% compared with May. A Reuters poll had pegged June exports at 1.2 million tonnes, down 6.4% from May after Ramadan.
Traded volumes stood at 44,321 lots of 25 tonnes each on Wednesday evening, lower than the 2015 average of 44,600.
"Overseas markets supported the technical correction today. Overall, the fundamentals are still not great," a Kuala Lumpur-based trader said.
The September contract for soybean oil, a substitute for palm oil, on the Dalian Commodity Exchange rose 1.5%, while the most actively traded September contract for palm olein gained 1.6%.
China is the world's second-largest palm oil consumer after India.
US soyoil futures were up 0.97%.
(US$1 = RM3.9700)
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