Mumbai, 1 April (Commoditiescontrol):
Palm oil prices extended gains on Monday tracking firm cues in palm olein and soyoil on the Dalian Commodity Exchange, rapeseed oil on the Zhengzhou Commodity Exchange and soyoil on the Chicago Board of Trade.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD) Exchange increased 39 ringgit, or 0.93%, to 4,233 ringgit ($896.63) a metric ton by the midday break.
The additional bullishness also came from the Malaysian palm oil export estimates for March by Intertek Testing Services, a research analyst asaid.
The soyoil contract on the Dalian Commodity Exchange gained 1.35%, while its palm oil contract increased 2.47%. Soyoil prices on the Chicago Board of Trade rose 1.61%.
Palm oil usually takes directions from the price movements in related oils as they compete for a share of the global vegetable oils market.
Exports of Malaysian palm oil products for March rose 20.5% to 1,333,138 metric tons from 1,106,054 metric tons shipped during February, accirding to the cargo surveyor Intertek.
Crude oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The Malaysian ringgit gained slightly against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.