Mumbai, 9 April (Commoditiescontrol) : Palm oil prices surged at Malaysian exchange on Tuesday, snapping three consecutive sessions of losses, supported by the prospect of lower inventories but higher premiums capped gains.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD)Exchange rose 16 ringgit, or 0.37%, to 4,311 ringgit ($908.19) a metric tone in early trade.
The Malaysian Palm Oil Board (MPOB) is scheduled to release the data on April 15.
Palm is trading higher, but its premium over soft oils such as soybean and sunflower has somewhat softened demand, a research analyst said.
The trade is expected to be sideways ahead of the Malaysian market holidays on April 10 and April 11, he added.
India's palm oil imports dropped to their lowest level in 10 months in March as buyers substituted it with cheaper sunflower oil.
Soyoil prices on the Chicago Board of Trade rose 0.5%.
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