Mumbai, 29 March (Commoditiescontrol):
Malaysian palm oil futures gained on Friday, tracking firm global cues.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD) Exchange rose 25 ringgit, or 0.60%, to 4,161 ringgit ($880.45) a metric ton by the midday break.
Palm oil futures closed lower on Wednesday, falling for a second straight session.
Malaysia's financial markets were closed on Thursday for a public holiday.
The outlook for Malaysian palm oil prices is bullish due to the upward momentum in soyoil, and the market is now waiting for industry estimates for March output and exports from leading producer Malaysia, a research analyst said.
Soyoil prices on the Chicago Board of Trade rose 0.95%.
Palm oil usually takes directions from the price movements in related oils as they compete for a share in the global vegetable oils market.
Crude oil prices jumped more than $1 a barrel on Thursday, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia's energy infrastructure and a falling U.S. rig count tightening crude supplies.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Indonesia aims to double subsidies for palm oil replanting to 60 million rupiah ($3,785.49) per hectare from May to boost farmers' participation, Chief Economic Minister Airlangga Hartarto said on Thursday.
According to Indonesian Palm Oil Association (GAPKI), exports of palm oil and its refined products from Indonesia in January were at 2.8 million metric tons, down from 2.95 million tons in the same month last year.
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