Palm gains over 1 pct on profit taking, stronger US soyoil

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 1.7 percent to 2,408 ringgit ($619.26) a tonne at the close of trade, its strongest daily gain since the start of the year. The market earlier fell to 2,354 ringgit, its lowest level since March 12, before rising as much as 2.7 percent to 2,434 ringgit in the evening.

KUALA LUMPUR: Malaysian palm oil futures rebounded from losses to gain over 1 percent at the end of the trading day on Tuesday, snapping six days of losses, lifted by profit-taking and gains in soyoil on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 1.7 percent to 2,408 ringgit ($619.26) a tonne at the close of trade, its strongest daily gain since the start of the year.