KUALA LUMPUR, Oct 8: Malaysian palm oil futures regained the 1,500 ringgit ($396) a ton foothold on Wednesday after fresh overnight highs in rival soyaoil.

The benchmark third-month palm oil contract on the Malaysian Derivatives Exchange, December, closed at 1,508 ringgit ($396.05) a ton, up 28 ringgit from Tuesday.

Chicago soyaoil closed between 0.26 to 0.60 cent per lb up on Tuesday, on expectations of friendly crop data on Friday from the US Department of Agriculture. Physical crude palm oil (CPO) also rose on Wednesday in active trade.

CPO for October saw bidders/sellers at 1,575/1,580 ringgit in the southern and central regions of Malaysia, against Tuesday’s closing quotes of 1,555/1,565. Trades were done at 1,570-1,575 ringgit.

November CPO was bid at 1,560 ringgit and saw offers at 1,570 in the south. Business was reported at 1,560. In the central region, November CPO was offered/bid at 1,555/1,565.

Dealers said aside from CPO, demand was stronger for products such as RBD palm oil, RBD palm olein, RBD strearin and palm fatty acid distillates, with sales quotes were unavailable for most months.—Reuters