JAKARTA: Malaysian palm oil futures logged their biggest jump in 11 months to close 4.76% higher on Tuesday after falling for two straight days, tracking gains in US soyaoil prices.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange last traded at 4,072 ringgit ($994.14) a tonne on Tuesday, the highest closing price since March 15.

“Since palm is trading at big discount to soy, any strong upside in soya, palm will follow up,” a Kuala Lumpur-based trader said.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

The Chicago Board of Trade soyaoil contract jumped 4.11% and Dalian’s most-active soyaoil contract added 0.09%. Dalian’s palm oil contract slipped 0.24%.