The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures reversed earlier losses to gain at the end of the trading day, supported by a correction and on strength in crude oil prices.
* UU.S. soybean futures edged higher on Tuesday on hopes that a U.S.-China trade war truce over the weekend would result in fresh Chinese demand for U.S. soybeans, although no deals have been confirmed.
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