Malaysian crude palm oil futures closed higher on Wednesday, helped by short-covering after a holiday closure and strong US soyoil gains.
"The general feeling is that market is looking up now, price-wise, despite a firmer ringgit," said one trader.
The Malaysian market, shut on Tuesday for a public holiday, was also trying to catch up with rival soyoil futures, which saw significant gains in the past two trading days.
The benchmark third-month, June contract, on the Bursa Malaysia Derivatives ended up 14 ringgit at 1,460 ringgit ($398.47) a tonne. It rose 24 ringgit on Monday.
Other traded months gained 10 to 15 ringgit. Overall volume stood at 6,642 lots of 25 tonnes each, down from Monday's 7,885 lots.
Market sentiment had also been boosted by strong exports, traders said.
Exports of Malaysian oil palm products for April 1-10 stood at 375,355 tonnes, up 30 percent from the 288,696 tonnes shipped between March 1 and 10, cargo surveyor Societe Generale de Surveillance said on Monday.
Official data showed exports in March rose 26 percent from February to 1,179,577 tonnes.
Chicago Board of Trade (CBOT) soyoil futures closed up on Tuesday. May soyoil settled 0.33 cent per lb higher at 22.96 cents, with the back months up 0.28 to 0.33.
In Wednesday's electronics trading during Asian hours, the May contract rose another 0.06 cent to 23.02 cents per lb.
In physicals, April crude palm oil was offered at 1,425 ringgit in both the southern and central regions, against bids of 1,420 ringgit. Trades were done at 1,415-1420 in both regions.
May CPO was offered at 1,445 ringgit and bid at 1,440, for both central and southern regions. Trades were reported at 1,435-1,440.
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