JAKARTA: Malaysian palm oil futures rose 1% on Monday after closing at a record high in the previous session, tracking stronger rival soyoil prices, but a plunge in August exports so far capped gains.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 44 ringgit, or 1%, to 4,442 ringgit ($1,048.88) a tonne.

Exports of Malaysian palm oil products for August 1 to 15 fell 21% from July 1 to 15, according to AmSpec Agri Malaysia.

“Market moved up on strong soybean oil prices in Chicago Board of Trade last Friday. Upside in Dalian also helped gains in Bursa Malaysia Derivatives Exchange crude palm oil contract,” a Kuala Lumpur-based trader told Reuters.

Dalian’s most-active soyoil contract and its palm oil contract climbed 1.7% and 1.6%, respectively. Soyoil prices on the Chicago Board of Trade, which rose 2.7% on Friday, slipped 0.1%.

Palm oil imports in India, the world’s biggest buyer, plunged 43% from a year earlier to their lowest in five months, the Solvent Extractors’ Association of India (SEA) said, as demand was curtailed by prices that rallied to a multi-year high.

Refinitiv Agriculture Research said the contract will trend lower with support at 4,330-4,350 ringgit a tonne this week, while resistance is at a record high of 4,560 ringgit, following last week’s strong gains.

The bullish sentiment had been fuelled by a sharp 7% on-month fall in inventories for July, but the upside is expected to be limited by profit-taking and COVID-fuelled demand worries across Asia, Refinitiv analysts said in a note. ($1 = 4.2350 ringgit).