KUALALUMPUR, Nov 23: Malaysian palm oil futures closed higher on Wednesday, halting a two-day slide, as the market took its cue from a rebound in rival US soyaoil.

The market was also helped by strong buying interest in palm olein from a foreign trading house.

The third-month crude palm oil contract on Bursa Malaysia Derivatives, February, ended up 11 ringgit at 1,414 ringgit ($374.07) a ton. Other traded contracts were up 3 to 10 ringgit.

Overall volume stood at 3,638 lots of 25 tons each, up from Tuesday’s 3,539 lots but was less than the 6,000 lots seen on a busy day.

Volatile swings in US soyaoil have also weighed on palm oil prices. Soyaoil and palm oil compete for exports and their prices often move in step.

In physical dealings of crude palm oil, the November contract saw buyers/sellers at 1,410/1,420 ringgit a ton in both the southern and central regions of Malaysia. Trades were done at 1,405-1,415 ringgit in both regions. —Reuters