The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 25 ringgit, or 1%, to 2,527 ringgit ($593.05) by 0239 GMT, after a 3% jump in the previous session.
Traders said on Tuesday they expected a 9%-10% drop on-month in July 1-15 exports, better than a 17%-18% decline in July 1-10 shipments.
Cargo surveyors are scheduled to release export data later in the day.
FUNDAMENTALS
Oil prices rose after a sharp drop in U.S. crude inventories, making palm oil a more attractive option as biodiesel feedstock.
Dalian’s most-active soyoil contract gained 1.82%, while its palm oil contract rose 3.03%. Soyoil prices on the Chicago Board of Trade were up 0.52%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
Asian shares jumped as optimism about a coronavirus vaccine bolstered risk appetite while the euro rose to a four-month top on the prospect of stimulus ahead of a crucial EU summit.
