Malaysian palm oil futures climbed over 1% on Wednesday evening to their highest in more than a month, tracking gains in related edible oils.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.25% at 2,028 ringgit ($492.59) per tonne at the close of trade in its
third straight session of gains.
Earlier in the session, it rose as much as 1.3% to 2,030 ringgit, its strongest levels since June 21.
"Palm futures prices rose higher taking cue from continuous gains in competing vegetable oils," said a Kuala Lumpur-based trader.
US soyaoil futures on the CBOT gained 1% in the previous session, and were last up 0.9%, as of 1047 GMT.
US soyabeans rose on Tuesday on hopes China could buy US supplies. Grain prices held steady on Wednesday as fears about widespread yield losses due to recent adverse US weather conditions underpinned the market.
In other related oils, the September soyaoil contract on the Dalian exchange rose 1% and the Dalian September palm oil contract gained 1.7%.
Palm oil prices are affected by movements in related oils that compete for a share of the global vegetable oils market.
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