SINGAPORE: Malaysian palm oil futures rose on Tuesday, as rival oils on the Dalian exchange gained, though weaker EU import data and a stronger ringgit capped gains.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange finished 0.8 per cent higher at 2,417 ringgit ($578.09) per tonne.

Tuesday’s move marks the fifth consecutive session of gain for the contract.

Palm had seen the biggest weekly jump in nearly three years on bullish export sentiment.

Dalian’s palm oil rose 0.3pc on Tuesday, while the soyoil contract lost 0.1pc. Palm oil on the Dalian reached record highs last week due to a weaker yuan and higher logistic costs, which drove Chinese traders to purchase domestic palm.

Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market.

Limiting palm’s gains was a stronger ringgit which appreciated 0.1pc against the dollar, making the edible oil more expensive for holders of foreign currencies.

Published in Dawn, October 30th, 2019