Malaysian crude palm oil futures ended higher on Tuesday, a day before the release of key data, dealers said. The benchmark third-month December contract on the Bursa Malaysia Derivatives rose 4 ringgit to 1,558 ringgit a tonne ($421.8) as 11,894 lots of 25 tonnes each were traded, up from Monday's 6,936.
The October contract was up 8 ringgit a tonne at 1,528 ringgit and November rose 5 ringgit to 1,545. Traders said the market was likely to move between 1,540 ringgit and 1,580 rinngit on Wednesday.
"The market's holding very well although there was fear that Malaysian Palm Oil Board report is going to show bearish figures," a Kuala Lumpur-based trader said, referring to the Malaysian Palm Oil Board, the industry regulator. "The market was supported by higher Chicago soyoil prices." On Monday, soybean futures on the Chicago Board of Trade ended up 2 percent on surging wheat and corn markets.
Soyoil futures ended up 0.70 to 0.80 cent per lb, with October rising 0.70 cent to 24.70 cents per lb. The Malaysian Palm Oil Board was due to release its September palm (MPOB) oil stock figures on Wednesday, dealers said.
A Reuters poll showed on Monday that palm oil stocks in Malaysia, the world's top producer, hit a record 1.775 million tonnes in September as exports languished amid rising production. Malaysian palm oil output is estimated to have risen 2.5 percent to 1.58 million tonnes in September, less than the previous poll estimate of 1.61 million tonnes on September 28.
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