Mumbai, 9 April (Commoditiescontrol): Palm oil prices at Malaysian exchange settled higher 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 closed up 25 ringgit, or 0.58%, to 4,320 ringgit ($910.43) a metric ton.
Malaysia's palm oil inventories are likely to have declined 6.65% from the prior month to an eight-month low of 1.79 million tons at the end of March, as per survey report released last week.
The Malaysian Palm Oil Board (MPOB) is scheduled to release the data on April 15.
Palm traded higher, but its premium over soft oils such as soybean and sunflower has somewhat softened demand, a research analyst said.
The trade remained a little 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 0.2%.
Crude oil prices also edged higher today after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza, and on Mexico's plan to remove more crude from the global market.
(By Commoditiescontrol Bureau; +91-9820130172)
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