NEW DELHI, Jan 25 (Commoditiescontrol) - Malaysian palm oil futures ended nearly half a percent higher on Tuesday, underpinned by higher prices for crude oil and CBOT soybean oil.
The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 23 or 0.44 percent at Ringgit 5,283 ($1,261.46) per tonne by the close, after moving in the range of Ringgit 5,286 to Ringgit 5,202 per tonne. On Monday, the contract hit an all-time high of 5,380 ringgit before reversing course to close 1.18 percent lower.
Globally, soyoil prices on the Chicago Board of Trade (CBOT) were up 1.02 percent in electronic trade, while Dalian's most-active soyoil contract and palm oil contract fell 2.45 percent and 1.54 percent, respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Meanwhile, exports of Malaysian palm oil products during Jan 1-25 fell more than 30 percent from the same period, cargo surveyors Intertek Testing Services and Societe Generale de Surveillance said on Tuesday.
(By Commoditiescontrol Bureau)
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